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As technology scales, the aging effect caused by negative bias temperature instability (NBTI) has become a major reliability concern. In the mean time, reducing leakage power remains to be one of the key design goals. Because both NBTI-induced circuit degradation and standby leakage power have a strong dependency on the input vectors, input vector control (IVC) technique could be adopted to reduce the leakage power and mitigate NBTI-induced degradation. The IVC technique, however, is ineffective for larger circuits. Consequently, in this paper, we propose two gate replacement algorithms [direct gate replacement (DGR) algorithm and divide and conquer-based gate replacement (DCBGR) algorithm], together with optimal input vector selection, to simultaneously reduce the leakage power and mitigate NBTI-induced degradation. Our experimental results on 23 benchmark circuits reveal the following. 1) Both DGR and DCBGR algorithms outperform pure IVC technique by 15%-30% with 5% delay relaxation for three different design goals: leakage power reduction only, NBTI mitigation only, and leakage/NBTI cooptimization. 2) The DCBGR algorithm leads to better optimization results and save on average more than 10 runtime compared to the DGR algorithm. 3) The area overhead for leakage reduction is much more than that for NBTI mitigation.