In this study, a performance model of the smart UAV propulsion system with ducts, tip jets and variable main nozzle, which has flight capability of the rotary wing mode for the take-off/landing and low speed forward flight as well as the fixed wing mode for high speed forward flight, has been newly developed With the proposed model, steady-state performance analysis was performed at various flight modes such as rotary wing mode, fixed wing mode, compound ing mode and altitude as well as at flight speed conditions. In investigation of performance analysis. it was noted that the operational capability of the propulsion system was limited due to the duct losses depending on each flight mode, and the limitation with the altitude variation case had much greater than that with the flight speed variation case.