Prsented in this paper are a systematic study on the global exergy consumption in the earth and a budget and a budget of the exergy consumption with respect to main terrestrial processes. Based on Szargut's definition of exergy for thermal radiation, a global exergy balamce of the thermodynamic system of the earth, driven by cosmic exeryflow originated from the temperature difference between the sun and the cosmic background, is carried out to give the global cosmic exergy consumption as the multiplication of the cosmic background microwave (CBM) radiation temperature and the global entropy generation due to irreversibility in the earth system. Concrete formulae are derived for cosmic exergy, with emphasis on generalization of a simple blackbody relationship between entropy and energy flux densities to the cases of gray body radiation with moderate or large emissivity associated with the earth system. Global entropy generation is evaluated with a result compared very with a widely accepted datum based on satellite observations in earth science. A budget of the global entropy generation is made with respect to the terrestrial radiation processes associated with the atmosphere and the earth's surface and to the molecular transport phenomena in the material earth. A mechanism of multiplication goveming transformation between cosmic exergy and terrestrial exergy is developed. An overall exergy budget of the earth system, based on the entropy budget by means of the Gouy-Stodola law, are presented with essential implication to the problem of global sustainability.