An exergy analysis is carried out for the regenerative steam-injection gas turbine systems which has a potential of enhanced thermal efficiency and specific power. Using the analysis model in the view of the second law of thermodynamics, the effects of pressure ratio, steam injection ratio, ambient temperature and turbine inlet temperature are investigated on the performance of the system such as exergetic efficiency, heat recovery ratio of heat exchangers, exergy destruction, loss ratios, and on the optimal conditions for maximum exergy efficiency. The results of computation show that the regenerative steam-injection gas turbine system can make a notable enhancement of exergy efficiency and reduce irreversibilities of the system.