Thermodynamic and thermoeconomic optimization of a horizontal geothermal air conditioning system has been performed. A model based on energy and exergy analysis is presented here. An economic model of the system is developed according to the Total Revenue Requirement (TRR) method. The objective functions based on the thermodynamic and thermoeconomic analysis are developed. An artificial intelligence technique known as evolutionary algorithm has been utilized for optimization. This approach has been applied to minimize either the total levelized cost of the system product or the exergy destruction of the system. Three levels of optimization including thermodynamic single objective optimization, thermoeconomic single objective optimization and multi-objective optimization (with simultaneous optimization of thermodynamic and thermoeconomic objectives) are performed. In multi-objective optimization, both thermodynamics and thermoeconomic objectives are considered, simultaneously. In the case of multi-objective optimization, an example of decision-making process for selection of the final solution from available optimal points on Pareto front is presented here. The results obtained using the various optimization approaches are compared and discussed.