Wet compression means the injection of water droplets into the compressor of gas turbines. This method decreases the compression work and increases the turbine output by decreasing the compressor exit temperature through the evaporation of water droplets inside the compressor. Researches on wet compression, up to now, have been focused on the thermodynamic analysis of wet compression where the decrease in exit flow temperature and compression work is demonstrated. This paper provides thermodynamic and aerodynamic analysis on wet compression in a centrifugal compressor for a microturbine. The meanline dry compression performance analysis of centrifugal compressor is coupled with the thermodynamic equation of wet compression to get the meanline performance of wet compression. The most influencing parameter in the analysis is the evaporative rate of water droplets. It is found that the impeller exit flow temperature and compression work decreases as the evaporative rate increases. And the exit flow angle decreases as the evaporative rate increases.