In order to investigate the operating conditions and major design parameters of a dual ramjet propulsion system, an theoretical analysis of ramjet and scramjet propulsion systems was performed. The performance characteristics of each engine are delivered by thermo-dynamical cycle analysis, considering loss effects in a real engine. The performance sensitivity analysis is conducted by investigating various performance parameters, such as an intake efficiency, combustor inlet Mach number, configuration of the combustor, fuel flow rate, and exhaust nozzle efficiency. Based on these analysis results, the processes of application to dual ramjet cycle engines are specified.