This study presents a methodological framework for determining the optimal combination of energy efficiency measures and renewable energy sources technologies, through a case study of the Mechanical Engineering Faculty at the University of Sarajevo. The main objective is to define a strategy for enhancing building sustainability by simultaneously addressing energy performance, environmental impact, and financial feasibility. The proposed framework enables multi-criteria decision-making in complex energy retrofit projects where conflicting objectives are often encountered. The methodology is based on the creation of six retrofit scenarios, each integrating various energy efficiency measures (e.g., building envelope insulation, high-efficiency heating, and cooling systems) and renewable energy sources technologies (e.g., solar thermal systems, photovoltaic panels). Scenario evaluation is conducted through defined criteria divided into three categories: energy (e.g. energy consumption for heating, cooling, and domestic hot water preparation), environmental (e.g. direct and indirect carbon-dioxide emissions, embodied carbon), and financial (e.g. total implementation cost). Energy simulations were performed using the KiExpert software, while the scenario ranking was conducted using the VIKOR multi-criteria decision-making method. The results indicate that Scenario S5 (ground-source heat pump combined with a natural gas condensing boiler, a mechanical ventilation system with heat recovery, graphite EPS insulation, and PVC–aluminium windows) is the most favourable from energy and investment standpoints. Conversely, Scenario S3 (biomass boiler, hemp insulation, wood–aluminium windows, and external shading devices) offers the best environmental performance while also ranking second in terms of investment. These findings suggest that the final choice depends heavily on investor preferences, underscoring the need to balance sustainability targets and economic constraints (e.g. decreasing energy consumption, increasing RES share, minimizing costs). The developed methodology is applicable to energy retrofitting of various building types, particularly in contexts of integrating EE and RES measures. A comprehensive, integrated design approach and implementation of synergistic solutions in the field of energy efficiency and renewable energy sources, are key factors in the transition to a sustainable and resilient construction sector, with the aim of reducing energy consumption and operating costs, improving the quality of the living environment and reducing the negative impact on the environment.