In this chapter, an exergy analysis applied to a solid oxide fuel cell (SOFC)/vapor adsorption refrigeration (VAR) system is presented. The influences of four significant parameters (current density, inlet fuel temperature, fuel utilization and steam-to-carbon ratio) on the exergy efficiency of both the SOFC stack and the SOFC-VAR system are investigated. In order to do so, a mathematical model is constructed in Engineering Equation Solver (EES) software to generate the simulations. The analysis shows that the calculated exergy efficiency is around 8% lower than the energy efficiency for both cases. Moreover, it is found that most of the causes of irreversibilities in the system are due to electronic and ionic conduction in the components. It is also shown that the exergy efficiency is substantially sensitive to fuel inlet temperature, which is evidenced by a bending-over behavior. Finally, in accordance with the calculated efficiency defects, the main exergy destructions are present in the heat exchangers, the SOFC, the afterburner and the generator.