Due to deep utilization of geobrine and high net power output, binary flashing cycle (BFC) is deemed to be the future geothermal energy power generation technology. The BFC using R245/R600a zeotropic mixtures is presented in this paper. The thermodynamic model of the system is built, and energy, conventional and advanced exergy analysis are carried out, to reveal the real optimization potential. It is demonstrated that the optimal composition mass fraction of R245fa and dryness of working fluid at the evaporator outlet ranges are 0.30~0.50 and 0.40~0.60, considering the thermodynamic performance and the flammability of the mixtures, simultaneously. Conventional exergy analysis indicates that the maximum exergy destruction occurs in condenser, followed by expander, evaporator, flashing tank, preheater, high-pressure pump and low-pressure pump. While the advanced exergy analysis reveals that the expander should be given the first priority for optimization, followed by condenser and evaporator. The BFC has a large potential for improvement due to higher avoidable exergy destruction, about 48.6% of the total system exergy destruction can be reduced. And the interconnections among system components are not very strong, owing to small exogenous exergy destructions. It also demonstrates the effectiveness of advanced exergy analysis, and the approach can be extended to other energy conversion systems to maximize the energy and exergy savings for sustainable development.