Gas turbine power plants have important roles in the global power generation market. The examines thermodynamically the impact of steam injection for a combined cycle including a gas turbine cycle with a two-stage turbine and carbon dioxide recompression. The combined cycle is compared with the simple case without steam injection. Steam injection’s impact is observed on important parameters such as energy efficiency, exergy efficiency, and output power. It is revealed that steam injection reduces exergy destruction in components compared to the simple case. The efficiencies for both cases are obtained. The energy and exergy efficiencies respectively are found to be 30.4% and 29.4% for the simple case, and 35.3% and 34.1% for the case with steam injection. Also, incorporating steam injection reduces emissions of carbon dioxide.