Thermal protection and power generation are two of the major technical challenges in developing hypersonic vehicles with long-range/endurance. This research is aimed to provide a system for thermal protection and power generation for hydrocarbon-fueled scramjets. This study proposed a thermal management system based on fuel vapor turbine (FVT) and closed-Brayton-cycle (CBC) to generate power, and a bypass loop is connected with CBC in parallel to ensure thermal protection demand. A performance analysis model considering the combustor and cooling channels is established. The combustion and heat transfer process are described in a quasi-one-dimensional way, while FVT and CBC are described in a zero-dimensional form. Results indicate that large CBC power generation efficiency (ηPG,CBC) and FVT expansion ratio (πFVT) can improve power generation with the same thermal protection performance. Because of the integrated variation law of cooling heat exchange and ηPG,CBC, there exists an optimal value of fuel outlet temperature (Tf3) while meeting the thermal protection requirement. The high Mach number and low equivalence ratio both require a significant increase in the cooling capability of fuel, and it is feasible to sacrifice the power generation of the CBC subsystem to meet the thermal protection demand.