The preheating of cement raw meals is drastically improved by suspending them with the hot kiln gas in a multistage cyclone preheater. Furthermore, the heat load of a rotary kiln is cut down to such an extent that more than a half of the calcination is achieved in the preheater by employing a newly devised equipment, known as the Mitsubishi fluidized calciner, which works as a part of the preheater proper. In this work a total of 51 input parameters including 22 program variables are scrupulously chosen to describe the system by setting up complete material and energy balance equations for each system component in operation under steady state conditions. Five important variables, such as raw meal feed rate, coal feed rate to the fluidized calciner, cyclone efficiencies, radiation losses, and dust circulation rate from the riser duct are chosen to check the impacts of their variations upon the preheater performance. It is found that the calculated results explain reasonably well of the actually observed preheater behaviors. It is also possible that the predicted results can be used as the guide for more energy efficient preheater operations.