This paper aims to conduct a parametric study for five gas turbine cycles (namely, simple, heat exchanged, free turbine and simple cycle, evaporative, and humidified) using a CO2-argon-steam-oxyfuel (CARSOXY) mixture as a working fluid to identify their optimal working conditions with respect to cycle efficiency and specific work output. The performance of the five cycles using CARSOXY is estimated for wet and dry compression, and a cycle is suggested for each range of working conditions. The results of this paper are based on MATLAB codes, which have been developed to conduct the cycle analysis for CARSOXY gas turbines, assuming a stoichiometric condition with an equivalence ratio of 1.0. Analyses are based on the higher heating value (HHV) of methane as fuel. This paper also identifies domains of operating conditions for each cycle, where the efficiency of CARSOXY cycles can be increased by up to 12% compared to air-driven cycles. The CARSOXY heat exchanged cycle has the highest efficiency among the other CARSOXY cycles in the compressor pressure ratio domain of 2–3 and 6–10, whereas, at 3–6, the humidified cycle has the highest efficiency. The evaporative cycle has intermediate efficiency values, while the simple cycle and the free turbine-simple cycle have the lowest efficiencies amongst the five cycles. Additionally, a 10% increase in the cycle efficiency can be theoretically achieved by using the newly suggested CARSOXY blend that has the molar fractions of 47% argon, 10% carbon dioxide, 10% H2O, and 33% oxyfuel at low compressor inlet temperatures, thus theoretically enabling the use of carbon capture technologies.