To address climate change issues and achieve sustainable industrial developments, process industries aim to conserved water and energy, two utmost essential resources. In the optimal design of thermally integrated water conservation networks, energy and water are conserved simultaneously. In the literature, various methods were proposed to identify a single optimal solution. However, to consider factors such as space constraints, topological constraints, uncertainties associated with the cost of the utilities, availability of water and energy, etc., all the potentially optimal solutions should be explored. In this paper, these optimal configurations are identified by portraying the trade-offs between the water and the energy requirements by extending the bi-objective Pinch Analysis framework. The interactions between the freshwater and the thermal utility requirements in a heat integrated water conservation network are established through the Pareto-optimal front. Four illustrative examples from the literature are solved and compared to exhibit the efficacy of the developed method. In one example, an increase in water consumption by 3% reduced the energy requirements by 30% and eliminated the need for a cooling tower. However, such a solution may not be preferred in regions of water scarcity, and other options can be explored through the Pareto-optimal front. The proposed algorithm is computationally efficient in representing potential trade-offs between energy and water requirements in thermally integrated water conservation networks. [Display omitted] • Proposed method simultaneously optimizes freshwater and hot utility requirements. • Efficient solutions of the bi-objective problem are depicted on the Pareto front. • Bi-objective Pinch Analysis is applied to identify efficient solutions. • Efficacy of the proposed method is established through examples from the literature. [ABSTRACT FROM AUTHOR]