In this paper, energy and exergy analysis of a combined cycle with a supercharged boiler was carried out. A combination of a basic gas turbine and steam cycle with both a supercharged boiler (SB) and a heat recovery boiler (HRB) was investigated. The effects of the inlet temperature of the gas turbine, the excess air factor, and the compressor pressure ratio on the performance of the supercharged boiler combined cycle (SBCC) were studied. Comparisons between the SBCC and the conventional combined cycle were performed. The results indicated that the SBCC gives output power up to 2.1 times of that of the conventional combined cycle when compared at the same values of the operating parameters. However, the SBCC efficiency was found to be lower than the conventional combined cycle. The exergy analysis showed an advantage of SBCC over the conventional combined cycle.