At present, carbon dioxide (CO2) emission, which causes global warming, is a major issue all over the world. To reduce CO2 emission directly, commercial deployment of CO2 separation processes has been attempted in industrial plants, such as power plant, oil refinery and steelmaking plant. Besides, several studies have been done on indirect reduction of CO2 emission from recycle of reducing gas (carbon monoxide or hydrogen containing gas) in the plants. Unlike many competing gas separation technologies, pressure swing adsorption (PSA) and membrane filtration are commercially used together or individually to separate a single component from the gas mixture. However, there are few studies on operation of sequential separation process of multi-component gas which has more than two target gas products. In this paper, process simulation model is first developed for two available configurations: CO2 PSA-CO PSA-H2 PSA and CO2 PSA-CO PSA-H2 membrane. Operation optimization and economic evaluation of the processes are also performed. As a result, feed gas contains about 14% of H2 should be used as fuel than separating H2, and CO2 separation should be separated earlier than CO separation when feed gas contains about 30% of CO2 and CO. The simulation results can help us to find an optimal process configuration and operation condition for separation of multicomponent gas with CO2, CO, H2 and other gases.