This study simulated the operation of a steam injected gas turbine combined heat and power (CHP) system. A full off-design analysis was carried out to examine the change in the turbine blade temperature caused by steam injection. The prediction of turbine blade temperature was performed for the operating modes suggested in the previous study where the limitation of compressor surge margin reduction was analyzed in the steam injected gas turbine. It was found that both the fully injected and partially injected operations suggested in the previous study would cause the blade temperature to exceed that of the pure CHP operation and the under-firing operation would provide too low blade temperature. An optimal operation was proposed where both the turbine inlet temperature and the injection amount were modulated to keep both the reference turbine blade temperature and the minimum compressor surge margin. The modulation was intended to maintain a stable compressor operation and turbine life. It was shown that the optimal operation would provide a larger power output than the under-firing operation and a higher efficiency than the original partially injected operation.