The paper presents the main results of a research project directed to the development of mathematical models for the design and simulation of combined Gas Turbine-Steam or Diesel-Steam plants for marine applications. The goal is to increase the energy conversion efficiency of both gas turbines and diesel engines, adopted in ship propulsion systems, by recovering part of the thermal energy contained in the exhaust gases through Waste Heat Recovery (WHR) dedicated installations. The developed models are used to identify the best configuration of the combined plants in order to optimize, for the different applications, the steam plant layout and the performance of WHR plant components. This research activity has allowed to obtain significant improvements in terms of energy conversion efficiency, but also on other important issues: dimensions and weights of the installations, ship load capacity, environmental compatibility, investment and operating costs. In particular, the main results of the present study can be summarized as follows: (a) the quantitative assessment of the advantages (and limits) deriving by the application of a Combined Gas And Steam (COGAS) propulsion system to a large container ship, in substitution of the traditional two-stroke diesel engine; (b) the proposal of optimized WHR propulsion and power systems for an oil tanker, for which a quantitative evaluation is given of the attainable advantages, in terms of fuel consumption and emissions reduction, in comparison with more traditional solutions.