In this study, advanced (fluid-structure interaction (FSI)) analysis system has been developed in order to predict turbine cascade performance with blade deformation effect due to aerodynamic loads. Intereference effects due to the relative movement of the rotor cascade with respect to the stator cascade are also considered. Reynolds-averaged Navier-Stokes equations with one equation Spalart-Allmaras and two-equation k-ω SST turbulence models are solved to accurately predict fluid dynamic loads considering flow separation effects. A fully implicit time marching scheme based on the (coupled Newmark time-integration method) with high artificial damping is efficiently used to compute the complex fluid-structure interaction problem. Predicted aerodynamic performance considering structural deformation effect of the blade shows somewhat different results compared to the case of rigid blade model. Cascade performance evaluations for different elastic axis positions are importantly presented and its aeroelastic effects are investigated.