In this work, single-stage and two-stage tubular solid oxide fuel cell (SOFC)/gas turbine hybrid cycles are comparatively examined from the energy and exergy viewpoints. For this purpose, mass, energy and exergy balances are applied to all components of the cycles. The behavior of tubular solid oxide fuel cell modeled in this study is validated with the experimental test data of tubular SOFC developed by Siemens Westinghouse. The results of simulation show that two-stage SOFC-GT hybrid cycle not only generate more power,but also it has high efficiency in comparison to single-stage SOFC-GT. The values of first law efficiency and Exergetic Performance Coefficient (EPC) are increased from 60.69% and 1.405 in single-stage SOFC-GT to 63.93% and 1.725 in two-stage SOFC-GT respectively. This means that for equivalent generated power of single and two-stage SOFC-GT hybrid cycles, the amount of exergy destruction for two-stage SOFC-GT cycle is less than single-stage SOFC-GT. Also exergy destruction of all components of the hybrid cycles is calculated separately and results are compared. Finally a parametric study is performed to find out optimal values for solid oxide fuel cell design parameters. Effects of these parameters are evaluated on efficiency, generated power and total exergy destruction of the hybrid cycles.