Abstract A CCP (combined cooling and power) system, which integrated a flash-binary power generation system with a bottom combined cooling and power subsystem operating through the combination of an organic Rankine cycle and an ejector refrigeration cycle, was developed to utilize geothermal energy. Thermodynamic and exergoeconomic analyses were performed on the system. A performance indicator, namely the average levelized costs per unit of exergy products for the overall system, was developed to assess the exergoeconomic performance of the system. The effects of four key parameters including flash pressure, pinch point temperature difference in the vapor generator, inlet pressure and back pressure of the ORC turbine on the system performance were evaluated through a parametric analysis. Two single-objective optimizations were conducted to reach the maximum exergy efficiency and the minimum average levelized costs per unit of exergy products for the overall system, respectively. The optimization results implied that the most exergoeconomically effective system couldn't obtain the best system thermodynamic performance and vice versa. An exergy analysis based on the thermodynamic optimization result revealed that the biggest exergy destruction occurred in the vapor generator and the next two largest exergy destruction were respectively caused by the steam turbine and the flashing device.