Hydrogen propulsion is generally treated as the ultimate net zero-emission option for aviation, therein liquid hydrogen storage appears to provide the only feasible solution for aircraft with the constraints imposed by aircraft weight and volume. Hydrogen liquefaction consumes a great amount of energy, which significantly boosts the cost of hydrogen as an aviation fuel. Besides the H2 chemical exergy for combustion to provide thrust, the H2 physical exergy in the form of cold energy is also a kind of high-quality clean energy to produce power output, which offers great opportunities to achieve cost-effective use of hydrogen fuel. Thus, this paper presents a Rankine cycle and H2 direct expansion cycle (RC-DEC) combined power generation thermal management system for the simultaneous utilization of exhaust gas heat exergy and hydrogen fuel cold exergy from the liquid hydrogen-fueled turbojet engine. In the Rankine cycle, the transcritical mode is applied on the hot side while the liquid separation condensation concept is adopted on the cold side to achieve better thermal matchings with heat and cold sources. The hydrocarbon/inert gas binary mixture is proposed as the working fluid of the Rankine cycle. The effects of key thermodynamic parameters and the influence of Para-Ortho hydrogen conversion on system performance are discussed, then a comparison of the mixture working fluid is conducted. Results show that there exists an optimal separation temperature ratio and condensation pressure of RC to obtain maximum total net power output. As the DEC expander inlet pressure increases, the total net power output first increases and then levels off. The introduction of the Para-Ortho hydrogen conversion has a negligible impact on net power output but leads to a significant reduction in the exergy efficiency, which is attributed to the cold energy release nature of Para-Ortho hydrogen conversion. The results of the working fluid comparison indicate that the optimal inert gas retardant for CH4 is Kr, while those for C2H6 and C3H8 are Xe to achieve the maximum net power output and exergy efficiency of the proposed power generation system. Among them, C2H6/Xe(0.6/0.4) obtains the maximum net power output of 2717.9 kW and maximum exergy efficiency of 33.1%, which suggests an opportunity to provide megawatts of electrical power for the aircraft in place of the APU.