Thermodynamic properties of the mixed spin-1 and spin-1/2 Ising-Heisenberg model are studied on a honeycomb lattice using a new approach in the mean-field approximation to analyze the effects of longitudinal D-z and transverse D-x crystal fields. The phase diagrams are calculated in detail by studying the thermal variations of the order parameters, i.e., magnetizations and quadrupole moments, and compared with the literature to assess the reliability of the new approach. It is found that the model yields both second-and first-order phase transitions, and tricritical points. The compensation behavior of the model is also investigated for the sublattice magnetizations, and longitudinal and transverse quadrupolar moments. The latter type of compensation is observed in the literature but its possible importance is overlooked.