In this paper we study the area and depth trade-off in LUT based FPGA technology mapping. Starting from a depth-optimal mapping solution, we perform a number of depth relaxation operations to obtain a new network with bounded increase in depth and advantageous to subsequent re-mapping for area minimization. We then re-map the resulting network to obtain an area-minimized mapping solution. By gradually increasing the depth bound, for each design we are able to produce a set of mapping solutions with smooth area and depth trade-off. For the area minimization step, we have developed an optimal algorithm for computing an area-minimum mapping solution without node duplication. Experimental results show that our solution sets outperform the solutions produced by many existing mapping algorithms in terms of both area and depth minimization.