Increasing the proportion of renewable energy is of paramount importance for all countries in the world. In this work, a novel multi-generation system is designed to fully utilize solar energy, which includes a photovoltaic/thermal subsystem (PV/T), an absorption refrigeration cycle (ARC), a proton-exchange membrane (PEM) electrolysis, and a promising pumped thermal electricity storage (PTES) energy storage subsystem, which can simultaneously achieve the purposes of refrigeration, hydrogen production, heat production, and energy storage. Meanwhile, the solar radiation data of Wuwei City, Gansu Province, China for the year 2022 are selected for the study. According to different seasons, the thermodynamic and thermo-economic performances of the combined power, heat and hydrogen production (CPHH) mode operated in spring, autumn, winter, and the combined power, cooling and hydrogen production (CPCH) mode operated in summer are investigated, and multi-objective optimization is conducted. The results indicate that the direct normal irradiance (DNI) of solar, the area of PV/T, the thermal storage temperature of the PTES subsystem, and the pinch point temperature difference significantly affect the total energy efficiency, total exergy efficiency, and total product unit cost of the system. The multi-objective optimization results show that the optimal solutions of total energy efficiency and total product unit cost of the system are 85.90 %, 24.25 $·GJ−1 and 86.97 %, 24.25 $·GJ−1 for the CPHH mode in spring and winter, respectively, and 88.26 % and 22.21 $·GJ−1 for the CPCH mode in summer. This work can provide a valuable reference for the research of multi-generation systems with integrated renewable energy sources.