Fin-and-tube heat exchangers have been extensively used in many fields, especially in heat, ventilation, air-conditioning, and refrigeration systems. In the case of the operation of a fin-and-tube heat exchanger as an air cooler, frost formation is an important effect that should be taken into account. The frost accumulation process is undesirable since it deteriorates heat transfer due to the insulation of the frost layer as well as causing excessive pressure loss. The analysis of the effect of the frosting process on a fin-and-tube air cooler performance is presented in this paper. Based on long-term experimental investigations applied to the air cooler in a cold storage chamber, the general degradation of the heat exchanger performance is discussed. The influence of frost on the cooling capacity, by-pass factor, and thermal resistance is analysed. The temperature distribution of the air passing through the air cooler before and after the defrosting process is presented and discussed. A method for the assessment of the amount of frost formed at the air cooler surface, based on visualisation of the air cooler during operation and synchronised with the thermal measurements, is developed. The results show that the frosting process causes deterioration of the cooling capacity by up to 40% in the analysed case. Correlation is demonstrated between frost formation and heat transfer degradation in the air cooler.