Environmental problems and limitations of fossil fuel resources, especially crude oil, have intensified the importance of using cleaner and cheaper fuels besides enhancing energy conversion processes. Therefore, a novel power, methanol, and light olefin multi-generation system is designed and modeled in this paper. Chemical looping reforming, chemical looping combustion cycles, and Rankine power system are combined with methanol and light olefin production processes. The input fuel of the system is shale gas. The mass, energy, and exergy balance equations are applied for each system unit as a steady-state control volume to assess its thermodynamic operation. Then, the effects on the system performance of critical parameters are studied comprehensively. The results show that the necessary syngas can be supplied when 71.5% of the inlet shale gas is used in the steam reforming reactor of the chemical looping reforming cycle, and the steam to fuel ratio and carbon dioxide to fuel ratio are 0.61. Furthermore, if 31% of the produced methanol is consumed in the olefin production unit, the system energy and exergy efficiencies are achieved at 67.3% and 71.5%, respectively. In this case, the carbon dioxide flow rate is 800 kmol/hr, separated and stored in the chemical looping combustion cycle, leading to a clean thermodynamic system.