Analytical expressions of the order parameters near the transition temperatures in the spin-3/2 Ising system with bilinear (J) and biquadratic (K) interactions are presented for various values of J/K. First, we obtain the free energy expression and the equations to determine order parameters by using the mean-field approximation. Then, the order parameters axe expressed in the vicinity of the transition temperatures in which these expressions are very important to study the dynamics of the system by means of Onsager's theory of irreversible thermodynamics. Hence, we investigate the phase transitions occurring in the system and also obtain two tricritical points analytically. Finally, the specific heat and magnetic susceptibility are calculated and an argument about the critical exponents at the second-order phase transitions and tricritical points is given.