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The present work deals with thermodynamic analysis of cascade refrigeration system using ozone friendly refrigerants pair R507A and R23. R507A is azeotropic mixture composed of HFC refrigerants R125/R143a (50%/50% wt.). R23 is a single component HFC refrigerant used as replacement to CFC refrigerant R13 in low temperature applications. These refrigerants have zero ozone depletion potential and are non-flammable and as R507A an azeotropic mixture there is no problem of temperature glide. This study thermodynamically analyzed R507A-R23 cascade refrigeration system to optimize the design and operating parameters of the system. The design and operating parameters include: Condensing, evaporating, subcooling and superheating temperatures in the high temperature circuit, temperature difference in the cascade heat exchanger, Condensing, evaporating, subcooling and superheating temperatures in the low temperature circuit.