Performance and energy are the two most important objectives for optimization on heterogeneous high performance computing platforms. This work studies a mathematical problem motivated by the bi‐objective optimization of data‐parallel applications on such platforms for performance and energy. First, we formulate the problem and present an exact algorithm of polynomial complexity solving the problem where all the application profiles of objective type one are continuous and strictly increasing, and all the application profiles of objective type two are linear increasing. We then apply the algorithm to develop solutions for two related optimization problems of parallel applications on heterogeneous hybrid platforms, one for performance and dynamic energy and the other for performance and total energy. Our proposed solution methods are then employed to solve the two bi‐objective optimization problems for two data‐parallel applications, matrix multiplication and gene sequencing, on a hybrid platform employing five heterogeneous processors, namely, two different Intel multicore CPUs, an Nvidia K40c GPU, an Nvidia P100 PCIe GPU, and an Intel Xeon Phi.