The performance of an intermediate-temperature proton-conducting solid oxide fuel cell (pSOFC) hybrid system is investigated in this work. The hybrid system consists of a 20-kW pSOFC, a micro gas turbine (MGT), and heat exchangers. Heat exchangers are used to recover waste heat from pSOFC and MGT. The performance of the system is analyzed by using Matlab/Simulink/Thermolib. Flow rates of air and hydrogen are controlled by assigning different stoichiometric ratio (St). St considered in this study is between 2 and 3.5 for air, and between 1.25 and 1.45 for hydrogen. Results show that the combined heat and power (CHP) efficiency increases as the fuel St decreases or air St increases. This is because lowering fuel St means fewer fuel will be wasted from the fuel cell stack, so the CHP efficiency increases. On the other hand, as air St increases, the amount of recovered waste heat increases, so does the CHP efficiency.