In this study, energy and exergy analyses of a refrigeration system with shell and tube heat exchanger using alternative refrigerant R404 were carried out and first law efficiencies, exergy efficiencies and irreversibility rates were determined. For this aim, an experimental refrigeration system using shell and tube heat exchanger for evaporator was built up. In these experiments, evaporator temperature was varied between -23 degrees C to -1 degrees C, refrigerant mass flow rate was varied between ranged 0.01 to 0.04 kg/s and cooling water mass flow rate was varied between 0.1 to 0.35 kg/s. Carried out thermodynamic analyses using the values obtained from the of the measurements were given in tables and graphics. According to exergy analyses, the biggest irreversibility was occurred in compressor followed by condenser, evaporator and expansion valve.