Hydrogen draws increasing attention as an alternative energy source. In order to provide hydrogen to various sectors such as industry, transportation on a global scale, how to produce and distribute it economically is an essential issue not to be missed. This study thereby addresses mathematical modeling of hydrogen supply networks. The proposed model is concerned with how much H-2 can be produced, where can be stored with the aim of maximizing the total net profit. Particularly the physical form of the hydrogen in the network is explicitly taken into account in terms of whether it is stored as a gas or a liquid. The applicability of the proposed model will be demonstrated by a case study of the Korean H2 supply network with some remarks. Copyright (C) 2011, Hydrogen Energy Publications, LLC. Published by Elsevier Ltd. All rights reserved.