High back-pressure technology is a promising method for the waste heat recovery of exhaust steams in combined heat and power systems. In this research, a 300 MW coal-fired subcritical combined heat and power system was selected as the reference system, and modeled in EBSILON professional. Then, energy-based and exergy-based performances of the high back-pressure system and traditional combined heat and power system were compared under full operating conditions. Moreover, a novel exergy-based evaluation method, which considers the energy level of the heating supply, was proposed and applied to evaluate the two systems. Results show that: In design conditions, both the heating capacity and power output of the high back-pressure system were higher than those of the extraction condensing system, which led to 17.67% and 33.21% increments of the gross thermal efficiency and generation efficiency, respectively. Compared with the extraction condensing system, the exergy efficiencies of the high back-pressure system were 7.04−8.21% higher. According to the novel exergy-based evaluation, the exergy efficiencies for the generation of the high back-pressure system and extraction condensing system were 46.48% and 41.22%, respectively. This paper provides references for the thermodynamic performance evaluation of the combined heat and power system.