In this paper, common faults in main components of an industrial two-shaft gas turbine are simulated, and the fault signatures are determined in both part and full-load conditions. As fouling and erosion are the most important and effective causes of performance deterioration in gas turbines (GTs), the effects of these faults on the performance of all three main components including compressor, gas generator turbine, and power turbine are studied and their effects on the overall efficiency of the whole system are analyzed. In this study, the faults simulation is performed by changing the health parameters (flow capacity and isentropic efficiency) of each GT components via modification of the compressor and turbines characteristic curves. The results obtained from the compressor fouling simulation are validated against the published experimental data; the validation results represent acceptable simulation accuracy in estimation of the measurement parameters deviation. Moreover, the fault signatures are determined in full-load conditions, and the effects of the examined faults on the main GT parameters are analyzed; in this way, the key measurement parameters in identification of these faults are introduced. Finally, in order to identify the fault signatures in part-load conditions, the fault implantation process is performed for each 10% reduction in gas turbine loads. Simulation results demonstrate that the fault signatures have different sensitivity to load variations, and thus, these are in general a function of the GT loading conditions.