In this study, an Absorption- Compression Cascade Refrigeration, comprising of a VCR system in low temperature stage and a VAR system at the high temperature stage, is analyzed. CO2, NH3 and R134a have been considered as refrigerants in the compression stage and the H2O-LiBr refrigerant absorbent pair in the absorption stage. The analysis has been realized by means of a mathematical model of the refrigeration system. The study presents the results obtained regarding the performance of the refrigeration system based on energy and exergy analysis. The comparative study helps to find out the best refrigerant and appropriate operation parameters. It is found in the study that cascade condenser, compressor and refrigerant throttle valve are the major source of exergy destruction.