This article proposes a novel hybrid low-rank coal (LRC)/biomass/natural gas process for producing liquid fuels and electricity. The hybrid process highlights coexistence of indirect and direct liquefaction technologies, cogasification of char and biomass, and corefinery of LRC syncrude and Fischer-Tropsch syncrude. A process simulation based on detailed chemical kinetics is present to illustrate its feasibility. In addition, we propose an exergoeconomic life cycle optimization framework that seeks to maximize the primary exergy saving ratio, primary total overnight cost saving ratio, life cycle waste emissions avoidance ratio, and primary levelized cost saving ratio by comparing the proposed hybrid process to its reference stand-alone subsystems. From the results, we can determine four optimal designs which yield competitive breakeven oil prices ranging from $1.87/GGE to $2.13/GGE. (C) 2014 American Institute of Chemical Engineers