This paper aims at investigating steam cycle of Shahid Montazeri Power Plant of Isfahan with individual unit capacity of 200 MW. Using mass, energy, and exergy balance equations, all cycle equipment have been analyzed individually and energy efficiency, exergy efficiency, and irreversibility has been calculated for each of them as required. EES (Engineering Equation Solver) software is used for performing analyses. Values and ratios regarding heat drop and exergy loss have been presented for each equipment in individual tables. The results from the energy analysis show that 69.8% of the total lost energy in the cycle occurs in the condenser as the main equipment wasting energy, while exergy analysis introduces the boiler as the main equipment wasting exergy where 85.66% of the total exergy entering the cycle is lost.