UPDATE (12/5/2023): With the release of Icejade Ran Aegirine in Master Duel, this deck is now as good as it gets. Ran Aegirine is essentially a one-card Icejade Gymir Aegirine or Swordsoul Supreme Sovereign - Chengying, as long as you pitch another Water monster or Icejade card. Kingfisher is also now somewhat playable since it can allow Ran Aegirine to be treated as Icejade Cenote Enion Cradle, which means the archetype's Skill Drain effect can be live without the actual field spell. Unfortunately, because of this, the Penguin side of the deck takes a ratio hit.
Penguins and Icejades may not seem like they have much in common, but they actually complement each other so well, it's as if they were meant to be played together!
If you're here from one of my YT replays, please note that this decklist may not totally reflect the deck I actually used in said replays, since I try to update this one whenever the meta shifts or when new cards get released. That said, the core deck remains the same.
To quickly summarize both archetypes:
Icejades are a defensive deck that primarily focuses on stalling and floodgating. They do this through three key cards: the field spell Icejade Cenote Enion Cradle, the spell Icejade Curse, and their boss monster Icejade Kosmochlor. The archetype's searcher, Icejade Cradle, is not once per turn.
Penguins are a control deck that focuses on interruptions and banishing your opponent's resources. The key cards are The Great Emperor Penguin, Penguin Brave, and the OG Penguin Soldier.
Important cards:
1. Icejade Aegirine - This girl carries her whole archetype on her back by allowing you essentially search any Icejade card. She also has an effect where if she's targeted for an attack or an effect, she can Special Summon any Water monster from your hand or GY. Notable candidates include Glacial Beast Polar Penguin (for a targeted bounce), The Great Emperor Penguin (to go into the main Penguin combo as I'll mention later), or Icejade Kosmochlor (if you have the field spell).
2. The Great Emperor Penguin - A better Rescue Cat but for Penguins only. Not once per turn, so he's an extremely valuable resource. Searchable with Royal Penguins Garden.
General tips:
0. The main Penguin combo line: Summon The Great Emperor Penguin and use its effect to summon Nopenguin and Glacial Beast Polar Penguin. Synchro Summon into Penguin Brave and use its effect to summon Penguin Soldier facedown for two bounces. Nopenguin will also chainblock Penguin Brave to summon itself from the GY and turn Soldier's bounces into banishes. This is the main Penguin play.
0.1 There are multiple ways to get out The Great Emperor Penguin. Royal Penguins Garden and Icejade Tremora are the easiest ways. Tremora herself can be searched by Icejade Cradle, which in turn can be searched by Aegirine. Aegirine's Quick Effect can also summon Emperor if the conditions are met.
1. Normal Summon Icejade Aegirine. If you have the field spell, search Icejade Curse if you are going first, Icejade Cradle if you are going second and use Cradle to get Icejade Kosmochlor. If you do not have the field spell, but have The Great Emperor Penguin in hand, search Cradle to get Tremora. Then do the main Penguin line from above.
1.1 The Icejade lockdown is essentially a one-sided Skill Drain. While it's rare to get all three key cards in your starting hand, Icejade Curse does not specifically require Kosmochlor. Therefore, if you are going first and have the field spell and Aegirine in hand, I recommend grabbing Curse to prevent your opponent from using monster effects on the field next turn.
2. Marincess Coral Anemone is an essentialLink-2 monster that can SS any Water monster from your GY with 1500 or less attack. I recommend Summoning her on your second turn to recur some resources. Candidates include Icejade Aegirine to continue setting up your floodgate, Glacial Beast Polar Penguin to bounce and go into Penguin Brave, or Icejade Kosmochlor.
3. With the release of Icejade Manifestation, you no longer have to be as picky with what you search with Aegirine. With Aegirine on the field and Manifestation in hand, you can use the latter to Special Summon Aegirocassis and go into Icejade Gymir Aegirine, Swordsoul Supreme Sovereign - Chengying, or even Baronne de Fleur . This means you can use Aegirine to search something other than Cradle, like the field spell or Curse.
4. The side deck contains other options you can try teching in. Icejade Tinola can Special Summon from the GY in a pinch. Nightmare Penguin can be used instead of Soldier to bounce any 1 card rather than 2 monsters. Icejade Erosion can negate a monster at the cost of an Icejade on the field (which also procs Tremora's GY effect so you don't go -1), while Fortune Fairy Swee can banish any monster when it's Special Summoned from the hand (by its own effect or Aegirine's). Yamatako Orochi is a relatively new option that lets you go into Psychic End Punisher with ease, and is also another way of accessing the Level 10 Synchro pool should you decide to play Icejade Creation Kingfisher. Finally, the Armored Xyz package can be used to extend further with the Level 3s.
There's a lot more plays that what I've written here, so have fun experimenting!