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In comparison to other thermal power cycles, gas turbine based energy conversion cycles exhibit superior thermodynamic performance as well as reduced emission. Gas turbine manufacturers and research & development (R&D) organizations are working on modification in basic gas turbine (BGT) cycle, which are intended to improve the basic gas turbine cycle thermodynamic performance and reduce emissions. The present work reports a comparison of thermodynamic performance, NOx and CO emission for basic and intercooled gas turbine (IcGT) cycles. Various cycle operating parameters such as compressor-pressure-ratio (rp,c), combustor-primary-zone-temperature, equivalence-ratio, and residence time of gas turbine based cycles has been examined. IcGT cycle exhibits higher gas turbine specific work and gas turbine efficiency in comparison to BGT cycle for the same rp,c and turbine rotor inlet temperature.