Summary Solar thermal electricity generating technology is an alternative solution to energy crises and environmental problems, which has caused wide concern in recent decades. In this paper, a molten salt parabolic trough‐based concentrated organic Rankine cycle system is proposed and investigated. A quadribasic nitrate salt with low melting temperature is employed as a heat transfer and storage medium. A stable heat transfer and economic model is established with Matlab. The radial and axial temperature distributions in the collector tube are obtained, and the impact of condensation and evaporation temperatures on the heat transfer area is analyzed. Results show that the temperature along the axial direction linearly increases, and the temperature at the collector tube exit decreases with the increase of molten salt mass flow rate. The maximum temperature difference along the radial direction of the collector tube happens in the annular gap. Heat transfer and thermodymanic analysis indicates that condensation temperature has a more evident effect on heat transfer area than that of evaporation temperature. An increase in condensation temperature leads to a decrease in the evaporator area, the condenser area increases, and the total area decreases. Economic analysis indicates the collector cost plays a predominant role in total capital costs, and decreasing molten salt mass flow rate can considerably reduce collector cost. Levelized energy cost sensitivity analysis indicated that operation time per year has a more evident effect than that of the four factors. Heat transfer and economic analysis on the system helps in the selection of operation parameters.