Abstract In this study, the thermal management system of a hybrid electric vehicle is optimized using single and multi-objective evolutionary algorithms in order to maximize the exergy efficiency and minimize the cost and environmental impact of the system. The objective functions are defined and decision variables, along with their respective system constraints, are selected for the analysis. In the multi-objective optimization, a Pareto frontier is obtained and a single desirable optimal solution is selected based on LINMAP decision-making process. The corresponding solutions are compared against the exergetic, exergoeconomic and exergoenvironmental single objective optimization results. The results show that the exergy efficiency, total cost rate and environmental impact rate for the baseline system are determined to be 0.29, ¢28 h −1 and 77.3 mPts h −1 respectively. Moreover, based on the exergoeconomic optimization, 14% higher exergy efficiency and 5% lower cost can be achieved, compared to baseline parameters at an expense of a 14% increase in the environmental impact. Based on the exergoenvironmental optimization, a 13% higher exergy efficiency and 5% lower environmental impact can be achieved at the expense of a 27% increase in the total cost.