An irreversible Ericsson refrigeration cycle model is established, in which multi-irreversibilities such as finite-rate heat transfer, regenerative loss, heat leakage, and the efficiency of the regenerator are taken into account. Expressions for several important performance parameters, such as the cooling rate, coefficient of performance (COP), power input, exergy output rate, entropy generation rate, and ecological function are derived. The influences of the heat leakage and the time of the regenerative processes on the ecological performance of the refrigerator are analyzed. The optimal regions of the ecological function, cooling rate, and COP are determined and evaluated. Furthermore, some important parameter relations of the refrigerator are revealed and discussed in detail. The results obtained here have general significance and will be helpful in gaining a deep understanding of the magnetic Ericsson refrigeration cycle.