Miller cycle was studied and analyzed by engine performance simulation to achieve very low fuel consumption and to meet the IMO NOx regulation on a medium speed diesel engine. Based on the performance simulation results the intake valve closing time for HYUNDAI HiMSEN 6H21/32 engine was set at 0deg.ABDC(After Bottom Dead Center). Also, the simulation results indicated that significant NOx reduction could be achieved with low reduction of fuel consumption. The performance simulation investigated the effect of compression ratio and turbocharger on fuel consumption and NOx concentration in combination with Miller cycle. The results indicated a significant reduction of fuel consumption with keeping NOx concentration. The results of performance simulation were compared with measured data to verify simulation results. The comparison showed the maximum error was 2.34% in exhaust temperature. Also, the experimental result showed that improvement in BSFC(Brake Specific Fuel Consumption) was 5.8g/kwh with keeping NOx level similar to simulation result.