A comprehensive review of thermodynamic cycles for the simultaneous production of power and cooling is presented. The study not only actualizes the bibliographic reviews previously realized by other authors regarding cycles such as Kalina, Goswami, or modifications of them. This review additionally includes an overview of hybrid cycles and other novel cycles reported in the literature. The hybrid cycles included in the study are systems integrated by two or three conventional cycles, mainly composed of Brayton, Rankine, and ORC for power generation; and compression, absorption, and ejector cycles for cooling production. The other novel cycles mentioned are thermodynamic cycles, which considerably differ from all the others. By using internal rectification, the Goswami cycle increased its efficiency by about 5%; however, by adding diverse components, as a condenser and a subcooler, the efficiency was significantly improved due to the considerable increase of the cooling production. Organic Rankine cycles integrating absorption refrigeration cycles are, in general, the most efficient hybrid cycles, reaching thermal efficiencies close to 40% for the simultaneous production of power and cooling. If a third output was provided, as heating or water distillation, the energy efficiencies were as high as 90%. The main problem with these systems is that, in general, they are too complex and costly because of the considerable number of components. The highest exergy destruction values are reported in solar collectors when used, followed by boilers or generators, and absorbers. The lower production costs were reported with systems integrating a Brayton cycle, an organic Rankine cycle, and an ejector‐cooling cycle. The disadvantage of these systems is that they need high operating temperatures.