Applying finite-time thermodynamics theory, an irreversible steady flow Lenoir cycle model with variable-temperature heat reservoirs is established, the expressions of power () and efficiency () are derived. By numerical calculations, the characteristic relationships among and and the heat conductance distribution () of the heat exchangers, as well as the thermal capacity rate matching () between working fluid and heat source are studied. The results show that when the heat conductances of the hot- and cold-side heat exchangers (, ) are constants, is a certain “point”, with the increase of heat reservoir inlet temperature ratio (), , , and the irreversible expansion efficiency (), and increase. When can be optimized, and versus characteristics are parabolic-like ones, there are optimal values of heat conductance distributions (, ) to make the cycle reach the maximum power and efficiency points (, ). As increases, shows a parabolic-like curve, that is, there is an optimal value of () to make the cycle reach double-maximum power point (); as , , and increase, and increase; with the increase in , increases, and is unchanged.