Exergy analysis is used as a tool to evaluate exergy losses in the steam-water jet injector so as to improve its overall performance. What this article addresses here is mainly about a parametric study on the injector under various operating conditions, such as different inlet water temperature, inlet steam pressure, pressure ratio, entrainment ratio and flowrate ratio. In addition, the irreversible losses in the component parts of the two-stage injector were analyzed in detail. The results show that the operating parameters have great effects on exergy efficiency of the injector. The average exergy efficiency of the two-stage injector is 21% more than that of the single-stage one. Moreover, calculations based on experimental data indicate that the highest exergy losses due to irreversibility occur in the first-stage mixing chamber. In light of this comparison, the exergy losses occurring in the system are proportional to the exergy efficiency obtained by applying the system.