In this paper, a nonlinear observer of the thermal loads applied to the helium bath of a cryogenic refrigerator is proposed. The thermal loads represent a time-varying thermal disturbance expected to take place in future tokamaks refrigerators such as those used in the cooling systems for the International Thermonuclear Experimental Reactor (ITER) or the Japan Torus-60 Super Advanced (JT-60SA). The proposed observer can serve as a monitoring tool for cryogenic operators and/or in observer-based advanced control strategies. The observer is based on a part of the nonlinear model of the refrigerator. The paper details how the physical model of the Joule–Thompson cycle is obtained and the structure of the observer and validates its performance using experimental data.