This paper covers the energy, exergy, economic and environmental (4E) analyses as well as multi-objective optimization of an ITES system incorporating PCM material as the partial cold storage for A/C applications to save energy/cost as well as to reduce CO2 emissions. To implement this job, an ITES system including charging and discharging processes as well as a PCM cold storage is modeled and analyzed. Then the multi-objective optimization of the system is performed in order to obtain optimal design parameters using genetic algorithm technique. The objective functions are the exergy efficiency (to be maximized) and the total cost rate (including capital and maintenance costs, operational cost, and the penalty cost due to CO2 emissions of the whole system, which is minimized), subject to a list of constraints