A novel scramjet multi-stage open cooling cycle for electricity and hydrogen co-production is proposed in which the fuel of scramjet is used as coolant of cooling cycle. Thermodynamic and exergetic examination of the advanced system have been conducted to appraise the system’s performance, electricity and hydrogen productions and multi-expansion effects. For the fuel mass flow rate of 0.4 kg/s, the cooling capacity of the new proposed cycle is computed 9.16 MW, the net electricity output is calculated about 3.38 MW and the hydrogen production is attained 42.16 kg/h. On the other hand, the exergetic results have proved the fact that PEM electrolyzer has the highest exergy destruction ratio by 44% among different components of the cycle. Moreover, the results of exergy analysis exhibited that employing the multi-expansion process concept outstandingly decline the overall exergy destruction of the system. In this case, the energy and exergy efficiencies of the overall set-up are acquired by 13.01% and 22.12%, correspondingly