In this study, exergy, exergoeconomic, exergoenvironmental analyses, and exergoeconomic environmental optimization are applied to a four-cylinder, spark ignition, naturally aspirated and air-cooled piston-prop aircraft engine in the cruise phase of flight for the first time to the best of the authors' knowledge. Here, three piston-prop aircraft engine parameters (altitude, air-fuel ratio (AF), and rated power setting (PS)) are selected for optimization purposes. All exergy, exergoeconomic, and exergoenvironmental values are calculated first. These values are then optimized to find the best results of all analyses. The best altitude, AF ratio, and PS values are finally found while the maximum exergy efficiency, the minimum product specific environmental impact, and the minimum average unit fuel exergy cost are obtained. The best results of optimization indicated that the maximum exergy efficiency varied between 19.54% and 19.80%, the minimum unit fuel exergy cost ranged from 126.30 $/GJ to 127.23 $/GJ, and the minimum specific environmental impact of production was in the range of 8.70-9.59 mPts/MJ. Based on the results obtained, for ensuring the optimum conditions, the low AF ratios and the low-altitude flight at high rated power settings have to be selected.