The selection of the suitable propulsion system for LNG carrier highly affects the ship capital and life cycle costs. The current paper compares between the available propulsion systems for LNG carriers from environmental and economic points of view operated with heavy fuel oil (HFO) and marine gas oil (MGO). In addition, the cost-effectiveness for emission reduction due to using dual fuel propulsion options using natural gas fuel (NG) is calculated. As a case study, large conventional LNG carrier class has been investigated. The results show that steam turbine (ST), Ultra-ST, dual fuel diesel engine (DFDE), and combined gas and steam (COGAS) propulsion options can comply with NOx and SOx emissions regulations set by IMO using dual fuel mode with NG percentages of 87.5%, 82%, 98.5% and 94%, respectively. DFDE operated with pilot HFO and NG is the most economic propulsion option.