A dimensionless thermodynamic model of thermoelectric refrigerating system was established to analyze the impacts of dimensionless merit figure on its performance. The merit figure and heat dissipation are respectively the internal and external restriction to the performance of thermoelectric refrigeration, while the dimensionless merit figure is a comprehensive index of the influence of the two restrictions on a thermoelectric refrigerating system. Since the merit figure is a restriction, the energy efficiency of a thermoelectric refrigerator is difficult to compete with that of a compression refrigeration system.