This research aimed to study the improvement of the gas turbine performance of a humid air turbine (HAT) cycle at low pressure ratio and at low turbine inlet temperature (TIT). To achieve this goal, an off-design performance test investigation was conducted on a small-sized, two-shaft gas turbine test rig. The test rig consisted of a centrifugal compressor, a centripetal turbine, an individual direct flow flame tube, a free power turbine, a dynamometer, and a saturator with structured packing. Two different conditions were considered for the test investigation: in Case I, the control system kept the fuel flow constant at 57 kg/h, and in Case II, the turbine inlet temperature was kept constant at 665 °C. In Case I, when the air humidity ratio increased from 30 g/kg dry air (DA) to 43 g/kg DA, the power output increased by 3 kW. At the same time, the turbine inlet temperature decreased by 19 °C, and the NOx emissions were reduced from 25 ppm to 16 ppm. In Case II, when the air humidity ratio increased from 48 g/kg DA to 57 g/kg DA, the power output increased by 9.5 kW.Based on the actual gas turbine parts, characteristics, and test conditions, the off-design performance of the HAT cycle was calculated. Upon comparing the measured and calculated results, the HAT cycle was found to perform better than the two-shaft cycle in terms of specific work, efficiency, and specific fuel consumption. The effect of performance improvement became more obvious as the air humidity ratio increased. Under the same inlet air flow, turbine inlet temperature, and power output, the surge margin on compressor curves became enlarged as the humidity ratio increased. The off-design performance of a HAT cycle with regenerator was also investigated. The results show that the highest efficiency can be increased by 3.1%, which will greatly improve the gas turbine performance.