An exergy analysis model was developed for a novel ice storage system with cold air distribution and its main surface air coolers. Based on this model, the influence of heat and humidity ratio, fresh air ratio and temperature difference between supply air and indoor air on the exergy efficiency of the system and the exergy loss rate of its surface air coolers was studied. Finally the important parameters for system optimization were identified. The simulation results show that the exergy loss rate of the surface air cooler for secondary mixed air is positively proportional to the variation of heat and humidity ratio, while it is inverse for the other; the exergy loss rate of the surface air coolers for fresh air is positively proportional to the variation of fresh air ratio, while it is opposite for the other; the exergy loss rate of the surface air cooler for primary mixed air is positively proportional to the variation of temperature difference between supply air and indoor air, while it is inverse for the other.