With the acceleration of urbanization, the volume of construction waste has increased rapidly, posing a challenge in effective utilization. Heat pump systems, known for their energy efficiency and environmental benefits, offer a promising solution by using construction waste as a low-temperature heat source. This not only mitigates the pollution caused by waste but also facilitates the efficient recycling and reuse of resources. While existing studies have mainly focused on performance evaluation of heat pump systems, research on using construction waste as a heat source is relatively sparse. Exploring this innovative heat source application could provide new directions for the development of heat pump technology. Despite achievements in performance evaluation and waste utilization, there are shortcomings such as a strong dependence on traditional heat sources, insufficient consideration of the unique properties of construction waste, and imperfect analysis methods for component exergy losses. This paper is divided into two main sections: the construction of a mathematical model for a heat pump system using construction waste as a low-temperature heat source, explaining the underlying principles; and a detailed analysis of the exergy losses in system components, proposing a method for performance evaluation. Through this research, the paper aims to provide new technical support for the recycling of construction waste, enhance the overall efficiency of heat pump systems, and advance the development of energy-saving and environmental technologies.