An apparatus and a method generate power and refrigeration from low-grade heat. The apparatus includes a heating module, a power generator module, an ejector, a heat exchanger, a condenser module, a low-temperature evaporator, a reservoir, a pressure pump and two direction controllable three-way valves. The heating module includes a heat source and a boiler. The power generator module includes an expansion turbine and a power generator. The condenser module includes a condenser and a cooling tower. The method is that the direction controllable three-way valves are operated to change the flow directions of the working fluid for executing a power generation and refrigeration mode, a power generation mode, a refrigeration mode or an idle mode.