In this study, T56 turboprop engine was theoretically modelled for 75% load, 100% load, military (MIL) mode, and Takeoff mode conditions. For each load conditions, thermoeconomic analyses of T56 turboprop engine were performed to allocate the unit costs of shaft work and thrust and to determine exergy destruction cost rates for system equipment. In thermoeconomic analyses, Specific Exergy Costing (SPECO) and Modified Productive Structure Analysis (MOPSA) methods were used. MOPSA method gave higher unit cost values for shaft work and thrust compared to SPECO method. As a result, for Takeoff mode, the unit cost of shaft work transferred to propeller was determined to be 78.