This chapter provides a detailed overview of Advanced Exergy Analysis (AEA), a method developed to overcome the limitations of conventional exergy analysis. While conventional exergy analysis reports only the total exergy destruction in system components, AEA separates these losses into avoidable/unavoidable and endogenous/ exogenous parts, allowing a clearer understanding of where real improvement potential lies. The chapter explains the theoretical background of AEA and presents the main methodological approaches used in practice, including the engineering, thermodynamic, and hybrid-cycle approaches. Applications of AEA across a wide range of systems are also discussed. In addition, the integration of economic and environmental aspects through advanced exergoeconomic and exergoenvironmental analyses is described. Overall, the chapter highlights AEA as a valuable tool for the design, optimization, and sustainability assessment of modern energy systems.