The high-pressure natural refrigerant $CO_2$ is now being evaluated for use in the motor vehicle air-conditioning systems and for several types of unitary equipment. In this study thermodynamic properties of $CO_2$ is compared to those of R-22 and R-134a and the performance characteristics of $CO_2$ refrigeration cycle is analyzed. The results show that the optimum discharge pressure for the cycle performance exists. New design concept for the $CO_2$ refrigeration system should be developed due to the high-operating pressure of itself.