The study was carried out to simulate the 3D flow domain in the mixing of pseudoplastic fluids possessing yield stress with anchor impellers, using a computational fluid dynamics (CFD) package. The multiple reference frames (MRF) technique was employed to model the rotation of the impellers. The rheology of the fluid was approximated using the Herschel–Bulkley model. To validate the model, the CFD results for the power consumption were compared to the experimental data. After the flow fields were calculated, the simulations for tracer homogenization were performed to simulate the mixing time. The effects of impeller speed, fluid rheology, and impeller geometry on power consumption, mixing time, and flow pattern were explored. The optimum values of c/D (impeller clearance to tank diameter) and w/D (impeller blade width to tank diameter) ratios were determined on the basis of minimum mixing time.