Thermodynamic analysis of a mixed refrigerant refrigeration cycle has been performed by computing thermodynamic properties of various refrigerants. The analyses are carried cut to identify the sources and distribution of the energy degradation by irreversible processes. Heat exchange process with the surroundings produces the entropy and the irreversible loss can be reduced by the mixed refrigerant whose phase change temperature varies during the phase change processes in the evaporator and the condenser. The concept has been applied to find the minimum compression work and thus the minimum energy loss in the overall system, specifically in the case of the mixed refrigerant of R12 and R114. Parametric studies have been added to recognize the various factors affecting the system performance.