The analysis of performance characteristics in a refrigerator truck using R404A and R744 was carried out by using theoretical method, and each performance was compared with a variation of operating conditions. The components and cycle simulation model were developed by using EES program. To investigate the performance characteristics with operating conditions, the performance of both systems was simulated according to indoor temperature, outdoor temperature, outdoor air velocity and compressor speed. As a result, the R744 system had a better COP than R404A system for given operating condition. The cooling capacity was not increased over the outdoor air velocity of 3 m/s. Besides, the performance of R404A system was more sensitive to operating conditions compared to that of R744 system.