A comprehensive thermodynamic modeling and optimization is reported of a polygeneration energy system for the simultaneous production of heating, cooling, electricity and hot water from a common energy source. This polygeneration system is composed of four major parts: gas turbine (GT) cycle, Rankine cycle, absorption cooling cycle and domestic hot water heater. A multi-objective optimization method based on an evolutionary algorithm is applied to determine the best design parameters for the system. The two objective functions utilized in the analysis are the total cost rate of the system, which is the cost associated with fuel, component purchasing and environmental impact, and the system exergy efficiency. The total cost rate of the system is minimized while the cycle exergy efficiency is maximized by using an evolutionary algorithm. To provide a deeper insight, the Pareto frontier is shown for multi-objective optimization. In addition, a closed form equation for the relationship between exergy efficiency and total cost rate is derived. Finally, a sensitivity analysis is performed to assess the effects of several design parameters on the system total exergy destruction rate, CO2 emission and exergy efficiency. (C) 2012 Elsevier Ltd. All rights reserved.