Abstarct: The aim of this thesis is two-objective optimization and thermoeconomic modeling of a cogeneration plant for supplying freshwater and power according to heat recovery potential of the plant. For the purpose of this research, a combined cycle power plant with two pressure recovery boiler and a multi effect distillation MED-TVC desalination system is considered. By removing the cooling tower a the installation of a flue gas desulfurization unit in the way of exhausted gases from the boiler, condenser and inlet flue heat potentials were used. Also, in order to achieve the intended purpose, some part of inlet stream to the low pressure steam turbine is exploited. In the first step, mentionedsystem is evaluatedthermodynamically and exergetically. In the second step, TRR method is used for economic analysis and then for estimating the price of products (power and fresh water) thermoeconomic analysis is performed. In the final step, to optimize the mentioned system, two-objective economic function with four variables decision is applied. The algorithm, which is utilized to optimization process, is genetic algorithm. It should be noted that, for simulation in this research the significant software “ Thermoflow” is used. Then, this simulated cycle has been re-modeled with an economic model of the software EES (Engineering Equation Solver). The results show that which condition of power and freshwater production would have the highest efficiency and profitability.