In this article, a novel geothermal energy-assisted multigeneration plant is proposed and analyzed from the thermodynamic, economic, and environmental perspectives. In the design of the geothermal power system, a transcritical Rankine cycle, which employs CO2 as the working fluid (tCO2-RC), a Kalina cycle (KC), a hydrogen generation sub-plant, and a desalination unit are considered. The reverse osmosis (RO) desalination process is used for freshwater production, while the proton exchanger membrane (PEM) electrolyzer is utilized for hydrogen generation. In addition, parametric analyses are conducted to ascertain the impacts of the temperature of the geothermal source, mass flow rate, and flash chamber pressure on system performance. According to the results, the plant's overall energetic and exergetic efficiencies are determined to be 8.6 % and 34.9 %, respectively where the net power production is calculated as 3317.94 kW, and the system's total irreversibility is found to be 5852.88 kW. Furthermore, the hourly H2, O2, and freshwater generation amounts are 8.5 kg, 49.1 kg, and 9.3 m3, respectively. Finally, the levelized energy cost (LEC) and sustainability index of the system are found to be 0.128 USD/kWh and 0.215.