A multi-disciplinary design-optimization procedure has been introduced and used for the development of cost-effective glass-fiber reinforced epoxy-matrix composite 5 MW horizontal-axis wind-turbine (HAWT) blades. The turbine-blade cost-effectiveness has been defined using the cost of energy (CoE), i.e., a ratio of the three-blade HAWT rotor development/fabrication cost and the associated annual energy production. To assess the annual energy production as a function of the blade design and operating conditions, an aerodynamics-based computational analysis had to be employed. As far as the turbine blade cost is concerned, it is assessed for a given aerodynamic design by separately computing the blade mass and the associated blade-mass/size-dependent production cost. For each aerodynamic design analyzed, a structural finite element-based and a post-processing life-cycle assessment analyses were employed in order to determine a minimal blade mass which ensures that the functional requirements pertaining to the quasi-static strength of the blade, fatigue-controlled blade durability and blade stiffness are satisfied. To determine the turbine-blade production cost (for the currently prevailing fabrication process, the wet lay-up) available data regarding the industry manufacturing experience were combined with the attendant blade mass, surface area, and the duration of the assumed production run. The work clearly revealed the challenges associated with simultaneously satisfying the strength, durability and stiffness requirements while maintaining a high level of wind-energy capture efficiency and a lower production cost.