The development of the hydrogen energy industry is constrained by the need for scale, low-cost hydrogen production, and long-distance hydrogen storage and transportation technologies. Liquid hydrogen is expected to be the optimal technological pathway for low-cost and efficient hydrogen storage and transportation. Therefore, this study used a levelized cost model to calculate the costs at various stages of the liquid hydrogen supply chain, including hydrogen production, liquefaction, storage, and refueling. The analysis identified key factors influencing costs and analyses the cost of liquid hydrogen production chains across four different pathways based on regional resource endowments. The research results indicate significant differences in costs depending on the hydrogen production method. The cost of water electrolysis based on renewable energy for hydrogen production is relatively high, while hydrogen production from coke oven gas is lower. Electricity consumption costs and construction costs emerge as critical factors affecting liquefaction costs. In the transportation and storage stage, unit transportation costs decrease with an increase in transportation distance. Notably, at the same refueling scale, the costs of high-pressure gaseous hydrogen refueling stations are higher than those of liquid hydrogen refueling stations. Finally, some suggestions are put forward to reduce the cost of liquid hydrogen and promote the development of the liquid hydrogen industry.