A program of steady-state and transient performance analysis for a 200kW-class small turboshaft engine with free power turbine was developed. An existing turbojet engine was used for the gas generator of the developed turboshaft engine, which was modified to satisfy performance requirements of this turboshaft engine. To verify the accuracy of steady-state performance program for this engine: the program was applied to the gas turbine test unit of the same type, and the analysis results were compared with experimental results. The developed transient performance analysis program using the CMF (Constant Mass Flow) method was utilized to analyze the cases of step increase and ramp increase of the fuel.