Cycle simulation and analysis for two kinds of SOFC/GT hybrid systems were conducted with the help of the simulation tool: Aspen Custom Modeler. Two cycle schemes of recuperative heat exchanger (RHE) and exhaust gas recirculated (EGR) were described according to the air reheating method. The system performance with operating pressure, turbine inlet temperature and fuel cell load were studied based on the simulation results. Then the effects of oxygen utilization, fuel utilization, operating temperature and efficiencies of the gas turbine components on the system performance of the RHE cycle and the EGR cycle were discussed in detail. Simulation results indicated that the system optimum efficiency for the EGR air reheating cycle scheme was higher than that of the RHE cycle system. A higher pressure ratio would be available for the EGR cycle system in comparison with the RHE cycle. It was found that increasing fuel utilization or oxygen utilization would decrease fuel cell efficiency but improve the system efficiency for both of the RHE and EGR cycles. The efficiency of the RHE cycle hybrid system decreased as the fuel cell air inlet temperature increased. However, the system efficiency of EGR cycle increased with fuel cell air inlet temperature. The effect of turbine efficiency on the system efficiency was more obvious than the effect of the compressor and recuperator efficiencies among the gas turbine components. It was also indicated that improving the gas turbine component efficiencies for the RHE cycle increased system efficiency higher than that for the EGR cycle.