The intention of this paper is to present the dynamic models for the molten carbonate fuel cell (MCFC)-gas turbine hybrid cycle. This paper analyzes the performance of various components in the hybrid power plant, such as the compressor, turbine, recuperator, generator, fuel cell stack, etc. The modular simulation models of these components are presented. Based on the dynamic simulation modeling principle, one bottoming hybrid MCFC-microturbine cycle was studied to carry out the simulation. The simulation result can reflect the dynamic response of the hybrid power plant.