In the present study, a new type of sandwich panels with prismatic cores, which are capable of load bearing as well as cooling, is optimized to have minimum weight and maximum heat transfer performance. In order to simultaneously minimize the total weight and maximize the heat transfer performance, a multi-objective optimization approach has been developed using genetic algorithms. A set of compromised solutions, known as the tradeoff surface, is obtained. The tradeoff information between the two objectives is exploited in terms of multi-functionality of the sandwich panels, and the relation between the two objectives is quantified in the present study. The detailed configurations and dimensions of the sandwich panels at the optima are provided. Some basic characteristics of the sandwich panels with prismatic cores have been observed in terms of their multi-functionality.