The gas turbine has been under continuous evolution for more than seven decades. Although many new technologies have been introduced over the years, much of the basic theory has not changed. A short presentation is first given of the fundamental thermodynamics relating to the gas turbine, followed by an ideal analysis of three major cycles: the simple cycle, the intercooled cycle, and the intercooled recuperated cycle. Typical losses for gas turbine components are then discussed along with relevant performance modeling methods. The fundamental principles of gas turbine conceptual design are presented followed by an assessment of the real performance of the three major cycles. Finally, a critical review is presented of future gas turbine concepts and their enabling technologies, with the primary focus on civil aircraft propulsion. Recent development trends and the primary research and development efforts by major gas turbine manufacturers are discussed in detail.