In this paper, a finite volume numerical method is developed to investigate a high temperature polymer exchange membrane (PEM) electrolyzer cell using a three-dimensional and non-isothermal model. The results that are obtained for the single cell are generalized to a full stack of electrolyzer and an exergoeconomic analysis is performed based on the numerical data. The effects of operating temperature, the pressure of cathode, gas diffusion layer (GDL) thickness, and membrane thickness on the energy and exergy efficiencies and exergy cost of the electrolyzer are examined. This study reveals that by increasing the working temperature from 363 K to 393 K, the exergy cost of hydrogen decreases from 23.16 $/GJ to 22.39 $/GJ, and the exergy efficiency of PEM electrolyzer stack at current density of 10,000 A/m(2) increases from 0.56 to 0.59. The results indicate that increase of pressure deteriorates the system performance at voltages below 1.4 V. It is concluded that operation of the electrolyzer at higher pressures results in decrease of the exergy cost of hydrogen. Increase of membrane thickness from 50 mu m to 183 mu m leads to increase of the exergy cost of hydrogen from 23.24 $/GJ to 35.99 $/GJ. (C) 2019 Hydrogen Energy Publications LLC. Published by Elsevier Ltd. All rights reserved.