An advanced precooled airbreathing engine with a closed Brayton cycle is a promising solution for high-speed propulsion, of which the Synergetic Air Breathing Rocket Engine (SABRE) is a representative configuration. The performance of the latest SABRE-4 cycle was analyzed in this paper. Firstly, a relatively complete engine performance model that considers the characteristics of turbomachinery and heat exchangers was developed. Then, Sobol’ global sensitivity analysis of key performance parameters was carried out to identify the most influential design variables. Optimal specific impulses under different target specific thrusts were obtained by particle swarm optimization, of which the thermodynamic parameters corresponding to a specific thrust of 1.12 kN·s·kg−1 and a specific impulse of 3163 s were chosen as the design values. Four different control laws were analyzed in contrast, and the charge control method had the strongest ability of thrust regulation as well as maintaining a favorable specific impulse performance. Finally, working characteristics under the charge control and over a typical flight envelope were calculated, in which the average value of the maximum specific impulse was as high as 5315 s. This study would help to deepen the understanding of SABRE-4 thermodynamic characteristics and other precooled airbreathing engine cycles with similar layouts.