Recently, many researchers have analyzed the performance of the transcritical $CO_2$ refrigeration cycle in order to identify opportunities to improve the system energy efficiency. The reduction of the expansion process losses is one of the key issues to improve the efficiency of the transcritical $CO_2$ refrigeration cycle. In this study, the analytical study on the performance characteristics of $CO_2$ cycle with an ejector carried out with a variation of outdoor temperature, gascooler inlet air velocity, evaporator inlet air velocity, and evaporator inlet air temperature. As a result, the system performance could be improved over 85% by using an ejector for various operating condition because of the reduction of compressor work. Moreover, the cooling capacity increased about 18% for variable outdoor condition. Therefore, the high performance of an ejector system could be maintained for wide operating conditions and system reliability could be improved compared to that of a basic system.