The invention relates to a novel geothermal and optothermal cogeneration system, which is characterized by comprising a geothermal evaporator, a solar overheater, a prime motor, a prime motor exhaust port, a working medium compression device, an air-cooling radiator, a liquid storage tank and a working medium booster pump. The solar overheater, the prime motor, the prime motor exhaust port, the working medium compression device, the air-cooling radiator, the liquid storage tank and the working medium booster pump are sequentially communicated with the geothermal evaporator; and the prime motor is respectively communicated with the working medium compression device and the air-cooling radiator through a three-way reversing valve. The invention has the advantages that a substance with a lowboiling point is used as a working medium for power and refrigeration circulation, the medium-temperature and low-temperature geothermal heat can be used as a heat source for evaporation of the working medium, solar energy is adopted as an overheating source for the working medium, and the geothermal evaporator is arranged in a downhole. The circulating working medium is delivered into the evaporator at the bottom of a geothermal well for evaporation to absorb heat of geothermal fluid, geothermal hot water needs not to be pumped to the surface, the evaporation temperature of the working medium can be increased, well backfilling can be eliminated, corrosion and scaling can be reduced, and the service life of the system can be prolonged. Moreover, the system has a simple and reasonable structure and good economical performance in heat for power generation.