In the present work, a new design of a multi-generation system based on biomass and solar energy with the purpose of generating electric power, heating, cooling, hydrogen, and potable water is introduced. The system comprises a steam Rankine cycle, double effect absorption chiller, proton exchange membrane electrolyzer, multi-effect desalination, and parabolic trough solar collector. A thermodynamic analysis is carried out to present the thermodynamic feasibility and deficiencies by calculating the irreversibilities occurring in the components. Exergoeconomic modeling yields the product cost rate of different products and cost flow in the studied system. Also in order to determine the amount of environmental effect of the suggested system, the exergoenvironmental study is performed and discussed. Results demonstrate that energy efficiency, exergy efficiency, total product cost rate and exergoenvironmental impact improvement of 82.4%, 14%, 0.84 $/s and 0.15 are achievable for the multi-generation system respectively. Finally, multi-criteria optimization approach based on a genetic algorithm is applied to specify the optimum design of the system considering the improvement of thermodynamic and thermoeconomic performance. By extracting the Pareto frontier, a design scheme related to exergy efficiency of 16.53% and product cost rate of 0.71 $/s is selected as an optimal design.