Identifying and analyzing the engine performance and emission characteristics under the condition of performance decay is of significant reference value for fault diagnosis, condition-based maintenance, and health status monitoring. However, there is a lack of relevant research on the currently popular marine large two-stroke dual fuel (DF) engines. To fill the research gap, a detailed zero-/one-dimensional (0D/1D) model of a marine two-stroke DF engine employing the low-pressure gas concept is first established in GT-Power (Version 2020) and validated by comparing the simulation and measured results. Then, three typical types of turbocharger performance decays are defined including turbine efficiency decay, turbine nozzle ring area decay, and turbocharger shaft mechanical efficiency decay. Finally, the three types of decays are introduced to the engine simulation model and parametric runs are performed in both diesel and gas modes to identify and analyze their impacts on the performance and emission characteristics of the investigated marine DF engine. The results reveal that turbocharger performance decay has a significant impact on engine performance parameters, such as brake efficiency, engine speed, boost pressure, etc., as well as CO₂ and NOx emissions, and the specified limit value on certain engine operational parameters will be exceeded when turbocharger performance decays to a certain extent. The changing trend of engine performance and emission parameters as turbocharger performance deteriorates are generally consistent in both operating modes but with significant differences in the extent and magnitude, mainly due to the distinct combustion process (Diesel cycle versus Otto cycle). Furthermore, considering the relative decline in brake efficiency, engine speed drop, and relative increase in CO₂ emission, the investigated engine is less sensitive to the turbocharger performance decay in gas mode. The simulation results also imply that employing a variable geometry turbine (VGT) is capable of improving the brake efficiency of the investigated marine DF engine.