A comparative analysis of an ice storage system has been performed on the operation cost for the four control strategies, i.e., chiller priority and chiller downstream, chiller priority and chiller upstream, storage priority and chiller upstream, storage priority and chiller downstream. Main components of the ice storage system are an ice-on-coil storage tank and a screw compressor chiller. With the simulation program, the operation cost has been evaluated from the economics of an ice storage system. It is found that the operation cost of the ice storage system is strongly dependent on the control strategy, i.e., chiller priority or storage priority, but less affected by the arrangement method, i.e., chiller upstream or chiller downstream. In case of the maximum load day, the control strategy with chiller priority and chiller upstream is supposed to obtain the reduction of operation cost. However, it is found that the control strategy with storage priority and chiller downstream is the best economical operation for most summer seasons except the maximum load day.