In this chapter, performance assessment of a mini class turboprop engine is presented. Exergy analysis is used for this purpose on the basis of applicability on thermal systems. As a result of the component-based exergy analysis, relative irreversibility of the combustion chamber is higher relatively. Exergy destruction rates within the air compressor, combustion chamber and gas turbine components are 24.08 kW, 100.76 kW and 15.80 kW respectively. Additionally, exergy efficiencies of the components are 74.11, 69.68 and 98.99 % in order of air compressor, combustion chamber and gas turbine.