The effective utilization of the cryogenic exergy associated with liquefied natural gas (LNG) vaporization is important. In this paper, a novel combined power cycle is proposed which utilizes LNG in different ways to enhance the power generation of a power plant. In addition to the direct expansion in the appropriate expander, LNG is used as a low-temperature heat sink for a middle-pressure gas cycle which uses nitrogen as working fluid. Also, LNG is used to cool the inlet air of an open Brayton gas turbine cycle. These measures are accomplished to improve the exergy recovery of LNG. In order to analyze the performance of the system, the influence of several key parameters such as pressure ratio of LNG turbine, ratio of the mass flow rate of LNG to the mass flow rate of air, pressure ratio of different compressors, LNG pressure and inlet pressure of nitrogen compressor, on the thermal efficiency and exergy efficiency of the offered cycle is investigated. Finally, the proposed combined cycle is optimized on the basis of first and second laws of thermodynamics.