We propose a systematic approach for performance evaluation and improvement of a combined cycle power plant (CCPP). Exergoeconomic and exergoenvironmental analyses are used to assess CCPP performance and suggest improvement potentials in economic and environmental aspects, respectively. Economic and environmental impacts of individual system components are calculated by cost functions and life cycle assessments. Both analyses are based on a CCPP case study located in Turkey, which consists of two gas turbine cycles and a steam turbine cycle with two different pressure heat recovery units. The results of the exergoeconomic analysis indicate that the combustion chamber and condenser have a high performance improvement potential by increasing capital cost. Furthermore, the exergoenvironmental analysis shows that the exergy destruction of the steam turbine and combustion chamber and/or the capacity of heat recovery units must be reduced in order to improve environmental performance. This study demonstrates that combined exergoeconomic and exergoenvironmental analyses are useful for finding improvement potentials for system optimization by simultaneously evaluating economic and environmental impacts.