Turkey has shown great potential and development on electricity and heat energy production from geothermal sources. In this study, the detailed thermodynamic analysis of a multigeneration system based geothermal energy is presented. Also, a multigeneration system producing electricity, hydrogen, hot water, heating and cooling is proposed and mass, energy, entropy and exergy balance equations for every components of the system are derived. In addition, parametric analyses have been performed in order to see how and which variables affect the production rates of electricity and hydrogen. According to the analyses results, the largest exergy destruction rate occurs in Kalina cycle. Moreover, the most important variables affecting electricity and hydrogen production rates are found as geothermal source temperature and turbine inlet pressure of Kalina cycle.