Japan Atomic Energy Research Institute (JAERI) has been carrying out a design and developmental program for the gas turbine high temperature reactor of 300 MWe nominal-capacity (GTHTR300) power plant, aiming at prototype demonstration in Japan during 2010s. This paper introduces overall objectives of the program and describes the plant design and development approach taken to achieve these goals. A detailed description is focused on the power conversion system design and associated component research and development undertaken in the present program. The power conversion system incorporates unique design approach of non-intercooled cycle to attain economical performance at minimal system complexity, intrinsic cycle flow provision for reactor pressure vessel cooling, simplified and high-performance turbomachine in a horizontal design, and modularity of maintenance for all major power conversion equipment. This paper reports extensive technical evaluation related to these significant system design features, which are shown to offer the optimum solution of plant cost, efficiency potential, reliability and maintainability in addition to near-term commercial deployment.