A payload estimation system for a work machine is provided. The system includes a power source, a payload carrier, an actuator and a controller. The payload carrier is configured to contain a payload of material. The actuator is configured to effectuate movement of the payload carrier. The controller is configured to control an operation of the actuator. The controller is also configured to receive one or more parameters associated with the power source of the work machine, during an operation of the payload carrier. Further, the controller is configured to compare the one or more parameters with a pre-determined dataset to estimate a weight of the payload on the work machine.