The study presents approximate analytical solutions of the Schr€ odinger equation with a newly proposed potential model called Inversely Quadratic Hellmann-Kratzer potential (IQHKP). This potential is a superposition of Inversely Quadratic Hellman potential and Kratzer potential. The energy eigenvalues and corresponding wavefunction are calculated via the formula method. We applied our results to evaluate thermodynamic functions such as vibrational free energy, F, vibrational internal energy, U, vibrational entropy, S, and vibrational specific heat, C. We also reported special cases of importance.