An exergy analysis is carried out for the regenerative wet-compression Brayton cycle which has a potential of enhanced thermal efficiency owing to the reduced compression power consumption and the recuperation of exhaust energy. Using the analysis model, the effects of pressure ratio and water injection ratio are investigated on the exergy efficiency of system, exergy destruction ratio for each component of the system, and exergy loss ratio due to exhaust gas. The results of computation for the typical cases show that the regenerative wet-compression gas turbine cycle can make a notable enhancement of exergy efficiency. The injection of water results in a decrease of exergy loss of exhaust gas and an increase of net power output.