Compression and combustion are two important functions of a gas turbine power plant. It is generally used to drive generators and works as a combinatorial plant with conventional steam boilers. The most significant and valuable fact of the gas turbine power plant is that it requires air instead of water to generate electricity. The main components of gas turbine power plant are compressor, combustor, turbine and auxiliaries such as starting device, lubricant pump, fuel system, etc. In this paper, the authors have assumed the different types of component failure such as compressor, combustor, turbine, auxiliaries and human failure with some other auxiliary’s failures and determined the different reliability characteristics of gas turbine power plant by using supplementary variable techniques, Laplace transformation and Markov process. Some numerical examples on the basis of past research are also developed for the practical utility of the plant.