The magnetic behaviors of a mixed spin-1 and spin-2 Heisenberg ferrimagnetic system on a square lattice are studied by using the double-time temperature-dependent Green's function technique. In order to decouple the higher order Green's functions, Anderson and Callen's decoupling and random phase approximations have been used. The system is described in the presence of an external magnetic field. We illustrate the influences of the nearest- and next-nearest-neighbor interactions and the single-ion anisotropies with an external magnetic field on compensation and critical temperatures. We found that the system that includes only the nearest-neighbor interaction and the single-ion anisotropies does not have a compensation temperature. When the next-nearest-neighbor interactions exceed a certain minimum value, a compensation temperature begins to appear. For some negative values of single-ion anisotropies, there exist first-order phase transitions. The system has first-order phase transition properties when it is under the influence of an external magnetic field. © 2012 Elsevier B.V. All rights reserved.