We consider supersymmetric (SUSY) models wherein the strong CP problem is solved by the Peccei-Quinn (PQ) mechanism with a concommitant axion/axino supermultiplet. We examine R-parity conserving models where the neutralino is the lightest SUSY particle, so that a mixture of neutralinos and axions serve as cold dark matter. The mixed axion/neutralino CDM scenario can match the measured dark matter abundance for SUSY models which typically give too low a value of the usual thermal neutralino abundance, such as models with wino-like or higgsino-like dark matter. The usual thermal neutralino abundance can be greatly enhanced by the decay of thermally-produced axinos to neutralinos, followed by neutralino re-annihilation at temperatures much lower than freeze-out. In this case, the relic density is usually neutralino dominated, and goes as sim (f_a/N)/m_{axino}^{3/2}. If axino decay occurs before neutralino freeze-out, then instead the neutralino abundance can be augmented by relic axions to match the measured abundance. Entropy production from late-time axino decays can diminish the axion abundance, but ultimately not the neutralino abundance. In mixed axion/neutralino CDM models, it may be possible to detect both a WIMP and an axion as dark matter relics. We also discuss possible modifications of our results due to production and decay of saxions. In the appendices, we present expressions for the Hubble expansion rate and the axion and neutralino relic densities in radiation, matter and decaying-particle dominated universes.
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