The new model of a quantum refrigeration cycle composed of two adiabatic and two isomagnetic field processes is established. The working substance in the cycle consists of many non-interacting spin-1/2 systems. The performance of the cycle is investigated, based on the quantum master equation and semi-group approach. The general expressions of several important performance parameters, such as the coefficient of performance, cooling rate and power input, are given. It is found that the coefficient of performance of this cycle is a close analogue of the classical Carnot-cycle. Some performance characteristic curves relating the cooling rate, the coefficient of performance and power input are plotted. Further, for high temperatures, the optimal relations between the cooling rate and the coefficient of performance are analyzed in detail. (c) 2006 Elsevier Ltd. All rights reserved.