The conversion gain of CMOS active mixers is investigated in terms of several kinds of LO offsets. With the effect of output resistance characterized in submicron process, the effective transconductance of driving stage is rigorously derived based on small-signal cascode equivalence. An analytical conversion gain model for the mixer with several kinds of LO offsets is thus presented. Based on Chartered 0.35 μm CMOS technologies, the Spectre-RF simulations agree with the predictions from the proposed model well, where the maximal error is less than 0.28 dB.