Design of systems in the low-end nanometer domain has introduced new dimensions in power consumption and dissipation in CMOS devices. With continued and aggressive scaling, using low thickness SiO2 for the transistor gates, gate leakage due to gate oxide direct tunneling current has emerged as the major component of leakage in the CMOS circuits. Therefore, providing a solution to the issue of gate oxide leakage has become one of the key concerns in achieving low power and high performance CMOS VLSI circuits. In this thesis, a new approach is proposed involving dual dielectric of dual thicknesses (DKDT) for the reducing both ON and OFF state gate leakage. It is claimed that the simultaneous utilization of SiON and SiO2 each with multiple thicknesses is a better approach for gate leakage reduction than the conventional usage of a single gate dielectric (SiO2), possibly with multiple thicknesses. An algorithm is developed for DKDT assignment that minimizes the overall leakage for a circuit without compromising with the performance. Extensive experiments were carried out on ISCAS'85 benchmarks using 45nm technology which showed that the proposed approach can reduce the leakage, as much as 98% (in an average 89.5%), without degrading the performance.