Energy, exergy, economic and environmental (4E) analysis and optimization of a hybrid solid oxide fuel cell and micro gas turbine (SOFC-MGT) system for use as combined generation of heat and power (CHP) is investigated in this paper. The hybrid system is modeled and performance related results are validated using available data in literature. Then a multi-objective optimization approach based on genetic algorithm is incorporated. Eight system design parameters are selected for the optimization procedure. System exergy efficiency and total cost rate (including capital or investment cost, operational cost and penalty cost of environmental emissions) are the two objectives. The effects of fuel unit cost, capital investment and system power output on optimum design parameters are also investigated. It is observed that the most sensitive and important design parameter in the hybrid system is fuel cell current density which has a significant effect on the balance between system cost and efficiency. The selected design point from the Pareto distribution of optimization results indicates a total system exergy efficiency of 60.7%, with estimated electrical energy cost 0.057 $kW(-1) h(-1), and payback period of about 6.3 years for the investment. (C) 2013 Elsevier B.V. All rights reserved.