In case of heat exchangers operating under frosting condition, the thermal resistance and the air-side pressure loss increase with a growth of frost layer. In this paper, a transient characteristic prediction model of the heat transfer for a multi-inverter heat pump with frosting on its surface was presented by taking into account the change of the fin efficiency due to the growth of the frost layer. This dynamic simulation program was developed for a basic air conditioning system composed of an evaporator, a condenser, a compressor, a linear electronic expansion valve, and a bypass circuit. The theoretical model was derived from measured heat transfer and mass transfer coefficients. We also considered that the heat transfer performance was only affected by the decrease of wind flow area. The calculated results were compared with the experimental results for frosting conditions.