In recent years, the rising demand for energy, dwindling fossil fuel resources, and escalating environmental pollution and fuel supply expenses have necessitated the widespread adoption of renewable energy sources. As a result, the utilization of abandoned oil and gas wells (AOGWs) as a source of geothermal energy has become increasingly popular and crucial. This conversion eliminates considerable expenses associated with drilling geothermal wells. Nonetheless, the process of converting an AOGW into a geothermal one is a matter that demands more than technical knowledge. The feasibility of this conversion must also consider environmental concerns, potential risks, and economic factors. Therefore, a comprehensive analysis of these aspects is required to determine the viability of these projects. In this paper, according to the characteristics of AOGWs in Iran, the possibility of using them as candidates for conversion into geothermal wells is investigated from the perspective of petroleum engineering, and in the next step, the economic feasibility is evaluated. Based on the investigation, it has been found that the primary obstacles in converting AOGWs into geothermal wells in countries like Iran are the low fuel prices and the conflicting interests and responsibilities of different institutions. It is recommended to prioritize cost-effective solutions such as rig-less well completion methods and non-metallic composite tubular to make these projects economically feasible.