Air-conditioning and fresh water are increasingly required in civilian and industrial sectors; however, conventional technologies are generally individual systems and consume substantial electric power. This paper proposes a new solar-powered double-product system for cooling and water based on the absorption refrigeration cycle. Integrated with liquid desiccant dehumidification, the moisture of process air can be converted into fresh water without the use of an additional desalination unit. Adopting commercially established technologies, including absorption refrigerators and liquid desiccant dehumidifiers, the system exhibits enhanced energy and economic performance. With the same system output, the energy saving ratio in the proposed system could reach 25.64%. The exergy efficiency (eta(ex)) for the proposed system reaches 9.83%, which is 2.97% higher than that in the reference systems. Economic studies show the enhanced economic performance of the new poly-generation system. This study provides a new method to simultaneously produce cooling and water by efficiently using solar energy.