As the world moves toward a carbon-neutral future, hydrogen is attracting increasing attention as a clean energy carrier and sustainable feedstock. However, the majority of today's hydrogen is still produced by steam methane reforming (SMR), a process that inevitably emits significant amounts of CO₂ - resulting in so-called "gray hydrogen". To address this challenge and support true carbon neutrality, Combined Steam and Dry Reforming of Methane (CSDRM), also known as bi-reforming, is emerging as a promising alternative. By integrating steam reforming and CO₂ reforming (3CH₄ + 2H₂O + CO₂ → 4CO + 8H₂), CSDRM enables both hydrogen production and effective CO₂ utilization. In this study, we developed a hydrogen production process model based on the CSDRM reaction using Aspen Plus. The model was used as the basis for a comprehensive techno-economic analysis to estimate the levelized cost of hydrogen (LCOH), considering both capital expenditure (CAPEX) and operational expenditure (OPEX). To evaluate the environmental benefits, a Life Cycle Assessment (LCA) was performed according to ISO 14040 and ISO 14044 guidelines, using the ReCiPe 2016 impact assessment methodology. In particular, we focused on quantifying the Global Warming Potential over 100 years (GWP 100) to evaluate the CO₂ reduction potential of the CSDRM process. For benchmarking, a parallel evaluation was performed on a conventional SMR-based hydrogen production process, allowing a direct comparison of economic and environmental performance. This study presents a CSDRM-based hydrogen production pathway with the potential for lower carbon emissions and competitive economics. By identifying key factors affecting both cost and environmental impact, we provide valuable insights and practical guidelines for assessing the feasibility and commercialization prospects of this emerging technology.