The production of light olefins by selective steam cracking is an energy-intensive process, and ethylene and propylene refrigeration cycles are key parts of it. The objective of this study was to identify opportunities for energy savings in an ethylene refrigeration cycle through an exergetic analysis. Two main causes of lower operational efficiency were identified: (1) Lower polytropic efficiency of the refrigerant compressor and (2) operating with the compressor mini-flow valve open to ensure reliability. The evaluation showed that the amount of irreversibilities generated by the cycle in operation is 22% higher than that predicted by the original design, which represents a 14% lower exergy efficiency. There is a potential savings of 0.20 MW in the cycle’s energy consumption with the implementation of the following improvements: recover refrigerant compressor efficiency by performing maintenance on the equipment and optimize the flow distribution between the recycle valve, the level control valve, and the temperature control valve.