A performance analysis of the regenerative gas turbine system with afterfogging is carried out. Because of the high temperature at the outlet of air compressor, afterfogging has a potential of improved recuperation of exhaust heat than inlet fogging. Thermodynamic analysis model of the gas turbine system is developed by using an ideal gas assumption. Using the model, the effects of pressure ratio, water injection ratio, and ambient temperature are investigated parametrically on thermal efficiency and specific power of the cycle. The dependency of pressure ratio giving peak thermal efficiency is also investigated. The results of numerical computation for the typical cases show that the regenerative gas turbine system with afterfogging can make a notable enhancement of thermal efficiency and specific power. In addition, the peak thermal efficiency is shown to decrease almost linearly with ambient temperature.