Coal direct (CD) chemical looping combustion (CLC) and coal gasification (CG) CLC processes are two basic approaches to the application of CLC with coal. Based on these two approaches, two different combined cycle power generation systems were proposed and simulated by using the ASPEN Plus software. The performance of those two combined cycles was evaluated based on energy and exergy analyses. The results indicate that the circulation ratio of the oxygen carrier in the CG-CLC process is smaller than that in the CD-CLC process, but the CD-CLC combined cycle offers advantages of higher net power efficiency, exergy efficiency, and carbon capture efficiency.