This paper investigates the performance of liquid desiccant regeneration system integrated with thermal energy storage and driven by industrial waste heat employing phase change material (PCM) and lithium chloride (LiCl) as storage and liquid desiccant materials. Firstly, a thermal model is developed for predicting the liquid desiccant regeneration system's exit conditions and performance parameters by varying the inlet parameters, thermal effectiveness, moisture effectiveness, and thermal energy storage effectiveness. Then, the developed model is validated with the experimental data available in the literature and found in good agreement with a maximum possible error of \(\pm\) 13%. Later, the developed model is utilized to conduct the parametric investigation and performance analysis by selecting energy exchange and system energy efficacy as the performance parameters. The inlet parameters chosen in this study are thermal effectiveness, ambient air temperature, and solution inlet temperature. The critical aspects of integrating a thermal energy storage module with liquid desiccant regeneration systems working with PCM and LiCl have been carefully examined. The effectiveness of thermal energy storage has a negative impact on the system energy efficacy, whereas the temperature difference ratio positively influences the energy exchange. The parametric analysis within the given operating range reveals that the maximum energy exchange and system energy efficacies are about 22.5 kW and 30%, respectively. In contrast, minimum energy exchange and system energy efficacy are observed to be 6.5 kW and 14.6%, respectively. From this investigation, it is found that the developed thermal model is easy to estimate the performance of the regeneration system by incorporating different liquid desiccant materials and low-grade energy sources.