On　the　basis　of　the　Langevin　theory　of　classical　statistical　mechanics,　the　magnetization,　entropy,　and　isofield　heat　capacity　of　ferromagnetic　materials　are　analyzed　and　their　mathematical　expressions　are　derived.　An　irreversible　regenerative　Ericsson　refrigeration　cycle　by　using　a　ferromagnetic　material　as　the　working　substance　is　established,　in　which　finite　heat　capacity　rates　of　low　and　high　temperature　reservoirs,　non-perfect　regenerative　heat　of　the　refrigeration　cycle,　additional　regenerative　heat　loss,　etc.　are　taken　into　account.　Based　on　the　regenerative　refrigeration　cycle　model,　a　thermoeconomic　function　is　introduced　as　one　objective　function　and　optimized　with　respect　to　the　temperatures　of　the　working　substance　in　the　two　iso-thermal　processes.　By　means　of　numerical　calculation,　the　effects　of　the　effective　factor　of　the　heat　exchangers　in　high/low　temperature　reservoir　sides,　efficiency　of　the　regenerator,　heat　capacity　rate　of　the　low　temperature　reservoir,　and　applied　magnetic　field　on　the　optimal　thermoeconomic　function　as　well　as　the　corresponding　cooling　rate　and　coefficient　of　performance　are　revealed.　The　results　obtained　in　this　paper　can　provide　some　theoretical　guidance　for　the　optimal　design　of　actual　regenerative　magnetic　refrigerator　cycle.　(C)　2016　Elsevier　B.V.　All　rights　reserved.