A dual, double-acting propulsion system is analyzed to determine how efficiently it can convert the potential energy available from liquid nitrogen into useful work. The two double-acting pistons (high- and low-pressure) were analyzed by using a Matlab-Simulink computer simulation to determine their respective mechanical efficiencies. The flow circuit for the entire system was analyzed by using flow circuit analysis software to determine pressure losses throughout the system at the required mass flow rates. The results of the piston simulation indicate that the two pistons analyzed are very efficient at transferring energy into useful work. The flow circuit analysis shows that the system can adequately maintain the mass flow rate requirements of the pistons but also identifies components that have a significant impact on the performance of the system. The results of the analysis indicate that the nitrogen propulsion system meets the intended goals of its designers.