Ultra-Low Temperature (ULT) solutions have been researched in response to the rising demand for energyefficient and environmentally favorable refrigeration systems. This study addresses a significant research void in ULT refrigeration technology by introducing a novel 'Advanced Three-Stage Cascade Refrigeration System' (ATCRS) with a flash tank and suction line heat exchanger. In the high, medium, and low-temperature circuits, respectively, the system employs m-Xylene, Toluene, and 1-Butene as refrigerants. Through a comprehensive thermo-economic analysis and Python simulation model evaluation, the proposed ATCRS demonstrates superior performance in comparison to conventional Triple cascade refrigeration systems (TCRS), thereby demonstrating improved cascade refrigeration efficiency. Under identical operating conditions, the ATCRS obtains a remarkable 19.33% reduction in compressor work input, resulting in a 22% increase in the coefficient of performance (COP) compared to the conventional vapor compression refrigeration (VCR)-based TCRS. In addition, an exergy analysis reveals the significant effect of cascade heat exchangers on system losses, with the ATCRS demonstrating a remarkable 19.35% improvement in exergy efficiency. The economic analysis highlights the critical significance of optimizing condenser temperature to effectively reduce operating costs. This novel ATCRS design holds great promise for achieving energy savings, enhanced performance, and cost-effectiveness in Ultra-Low Temperature refrigeration applications, thereby making a significant contribution to the advancement of the field of ultra-low temperature refrigeration.