A new model of a quantum refrigeration cycle composed of two adiabatic and two isomagnetic field processes is established. The working substance in the cycle consists of many non-interacting spin-1/2 systems. The performance of the cycle is investigated, based on the quantum master equation and semi-group approach. The general expressions of several important performance parameters, such as the coefficient of performance, cooling rate, and power input, are given. It is found that the coefficient of performance of this cycle is in the closest analogy to that of the classical Caot cycle. Furthermore, at high temperatures the optimal relations of the cooling rate and the maximum cooling rate are analysed in detail. Some performance characteristic curves of the cycle are plotted, such as the cooling rate versus the maximum ratio between high and low "temperatures" of the working substances, the maximum cooling rate versus the ratio between high and low "magnetic fields" and the "temperature" ratio between high and low reservoirs. The obtained results are further generalized and discussed, so that they may be directly applied to describing the performance of the quantum refrigerator using spin-J systems as the working substance. Finally, the optimum characteristics of the quantum Caot and Ericsson refrigeration cycles are derived by analogy.