The integration of biomass gasification (BG) with chemical looping hydrogen production (CLHP) offers one prospective approach for green hydrogen production. The environmental and economic assessments are conducted to evaluated the sustainable performance of the BG-CLHP system during the hydrogen production cycle (HPC). The results showed that the environmental impacts of BG-CLHP are concentrated in freshwater aquatic ecotoxicity (FAETP), human toxicity (HTP), and acidification (AP). The BG-CLHP system can provide a more cost-competitive hydrogen supply solution for hydrogen refueling stations compared the offshore wind or photovoltaic (PV) powered electrolysis, given the same hydrogen production target. For global warming potential (GWP) and cost, the BG-CLHP demonstrates excellent integrated performance with GWP values of −15.13 and −17.00 kg CO2, eq/kg H2, for the Air case and Oxygen case, and the costs of 3.05 and 2.82 $/kg H2, respectively, and sensitivity analysis reveals that the CLHP stage is the primary contributor to GWP. Compared with existing hydrogen production routes, BG-CLHP can still be improved in terms of costs and the technical maturity, however, the excellent negative GWP properties of BG-CLHP make it will play a more important role in future large-scale hydrogen production.