This study delves into the realm of water treatment by conducting a comprehensive techno-economic evaluation of direct contact membrane distillation (DCMD) and nanofiltration (NF) processes. While previous research has explored the technical aspects of membrane distillation (MD) and nanofiltration, there remains a notable gap in economic analyses. Our research aims to bridge this gap by assessing the financial feasibility of employing MD and NF technologies for water desalination. Specifically, we scrutinize the performance of hydrophobic microporous flat sheet membranes crafted from polytetrafluoroethylene (PTFE) supported by non-woven polypropylene (PP) in desalinating brackish water through DCMD and NF processes. By varying operating conditions such as flow rate and feed temperature, we evaluate the membrane's efficacy. Employing an analytical model based on heat and mass transfer equations, we predict process performance across diverse scenarios. Our model demonstrates a high level of accuracy, with flux predictions deviating by less than 10% when utilizing the Knudsen-molecular mechanism model. Furthermore, through a detailed design and economic analysis of industrial-scale units for both processes, we reveal that the cost of permeated water is lower with NF compared to DCMD. Specifically, our calculations indicate a water cost of 1.34 USD/m3 for DCMD at a feed temperature of 65 °C with an 80% recovery rate, positioning it as a competitive option among conventional desalination methods. Notably, our financial assessment highlights that steam cost constitutes the primary expense in DCMD operations, contingent upon heating value and fuel prices. Noteworthy findings suggest that natural gas emerges as the most cost-effective fuel for steam production in a DCMD plant. This study underscores the economic viability and potential cost efficiencies associated with NF over DCMD in water treatment applications.