Seven models are considered for the production and liquefaction of hydrogen by geothermal energy. In these models, we use electrolysis and high-temperature steam electrolysis processes for hydrogen production, a binary power plant for geothermal power production, and a pre-cooled Linde–Hampson cycle for hydrogen liquefaction. Also, an absorption cooling system is used for the pre-cooling of hydrogen before the liquefaction process. A methodology is developed for the economic analysis of the models. It is estimated that the cost of hydrogen production and liquefaction ranges between 0.979 $/kg H2 and 2.615 $/kg H2 depending on the model. The effect of geothermal water temperature on the cost of hydrogen production and liquefaction is investigated. The results show that the cost of hydrogen production and liquefaction decreases as the geothermal water temperature increases. Also, capital costs for the models involving hydrogen liquefaction are greater than those for the models involving hydrogen production only.