Low system efficiency and poor economic performance of geothermal driven organic Rankine cycle (ORC) is serious due to standalone power generation and high initial investment cost. Based on ORC, four combined heating and power (CHP) systems are proposed to improve the above problem, including with the geothermal tailwater (GT-ORC-CHP), cooling water (CW-ORC-CHP), geothermal tailwater and cooling water (GTCW-ORC-CHP) as well as heat pump (HP) is added into GTCW-ORC-CHP (HP-ORC-CHP). Techno-economic performances are analyzed and compared. The results show that the GT-ORC-CHP has better power generation performance, with the highest net power output of 2349.67 kW and wider application range. The GTCW-ORC-CHP and HP-ORC-CHP have advantages in the heat supply performance and overall economic performance. The high geothermal water temperature, evaporation temperature of ORC, and evaporation temperature of HP have had a positive multi-objective optimization effect on the net power output (Wnet) and levelized energy cost (LEC) of each system. The multi-objective optimization indicates that the GTCW-ORC-CHP is suggested as the geothermal energy cascade utilization method from the perspectives of the exergy efficiency and total cost rate, and the cost and exergy destruction of the heat exchangers occupies the largest share in each system, all accounting for over about 80%.