With the world's increasing attention to the development of the solar energy industry, the efficient use of solar energy technology has become a hot spot of renewable energy research. However, because of the intermittent, fluctuating, and lower energy density characteristics of solar energy, there are some problems in solar energy storage and utilization, such as high cost, complex process, and low overall utilization rate. The organic combination of solar power generation and hydrogen production technology can convert solar energy into hydrogen for storage, which realizes energy-efficient conversion and utilization and effectively solve the above problems. This study presents a combined heat power and hydrogen production system based on solar energy and the Rankine cycle. This system mainly consists of a solar dish collector, solid oxide electrolyzer, and the Rankine cycle, which can simultaneously provide electricity, heat, and hydrogen. The system's mathematical model is established, and the parameters of the system and its subsystems are analyzed. The effects of operating parameters such as operating temperature, current density, and solar radiation on the system energy and exergy efficiency are obtained, and the internal reason for the exergy destruction of each system component is determined. The results show that high radiation, relatively high operating temperature, and current density can improve the system's thermodynamic performance. The total efficiency and hydrogen production efficiency are 49% and 25%, respectively. The maximum exergy destruction occurred at a solar dish collector, taking up 50% of the total exergy destruction.