The effects of binary solvent mixtures with various ratios of toluene and ethanol on the properties of slurries and green sheets were investigated. Viscosity of slurry was changed by varying the ratio of solvent mixture which affected the solubility of binder. The relative solvency behavior of a solvent mixture could be predicted with the Hildebrand solubility parameter(${delta}$) and hydrogen bonding index( ${gamma}$). The minimum viscosity, the best dispersion of binder, was reached at the composition of toluene:ethanol=4:6, which corresponded to our forecast. The mechanical properties of green sheets related to evaporation of solvents were influenced by the composition of the solvent mixture. At the azeotrope the skin was formed on a drying cast during the drying process because of fast evaporation. At a range of concentrations over 50wt% toluene, green sheets could not be fully dried at low temperature due to excessive toluene. The mechanical properties of green sheets were excellent at the azeotrope-like composition of toluene:ethanol=4:6 which has a little excess of toluene over the azeotrope.