The invention discloses a well structure design and method for exploiting geothermal energy and gas hydrate reservoir at the same time of water injection. The design mainly comprises a dual branch injection well and a horizontal producing well, wherein cold fluid is injected into the dual branch injection well, heated by a geothermal layer and returned to the gas hydrate reservoir; the self-carrying heat is transmitted to hydrate, and the hydrate dissociation is promoted. The method comprises the steps that a well group system which is composed of the dual branch injection well and the horizontal producing well is built on the sea level, wherein the dual branch injection well comprises a vertical mineshaft which extends from the sea level to the geothermal layer, a first branch mineshaft which is located on the gas hydrate reservoir and a second branch mineshaft which is located on the geothermal layer; the cold fluid is injected into a wellhead oil tube of the dual branch injection well, the cold fluid enters an oil sleeve annulus at the tail end of the second branch mineshaft and is subjected to heat exchange with the geothermal layer, after the heated fluid enters the gas hydrate reservoir, the heat is transmitted to the gas hydrate reservoir, the hydrate dissociation is caused, and mixed fluid which is composed of natural gas and injection fluid generated by the dissociation passes through a hydraulic power fracturing fracture under the gravity and pressure effect and is exploited by the horizontal producing well. According to the well structure design and method, the geothermal energy provides energy for the hydrate dissociation, the shortages such as low heat utilization efficiency and high exploiting cost in a traditional thermal excitation exploiting method are overcome, the device is simple, the operation is convenient, the economy is high, and the well structure design and method can provide guidance for reasonable exploiting of the gas hydrate reservoir.