We have been developing a hybrid LNG vaporization and power generation system which generates approximately -100℃ air and natural gas fuel of a steady heating value since March 2004. In this study, two kinds of process using cold air for the Gas Turbine Combined Cycle ranging from several MW to several hundred MW are reviewed. In this paper, we describe an outline of the test equipment, configurations of the hybrid vaporization and power generation system for the gas turbine and discuss the possibilities based on exergy analysis for the above two cases.