The performance characteristics of water-chilling heat pump using $CO_2$ with respect to variation of refrigerant charge amount was investigated experimentally. An experimental apparatus is consisted of a compressor, a gas cooler, an expansion valve, an evaporator and a liquid receiver. All heat exchangers used in the test rig are counter-flow-type heat exchangers with concentric dual tubes, which are made of copper. The gas cooler and the evaporator consist of 6 and 4 straight sections respectively arranged in parallel, each has 2400 mm length. The experimental results summarize as the followings : As the refrigerant charge ratio of $CO_2$ heat pump system increases, the discharge pressure and compressor ratio increases, but mass flow rate of refrigerant decreases. Also the compressor work increases with the increase of refrigerant charge ratio. However, the heating and cooling capacity of $CO_2$ heat pump decreases as the refrigerant charge ratio increases. The maximum heating COP of $CO_2$ heat pump system presented at 0.25 refrigerant charge ratio. It is possible to confirm the optimum charge ratio of $CO_2$ heat pump system by the viewpoint of heating COP.