The existing artificial and chemical refrigerants have been phased out due to environmental concerns, and they have been replaced with environmentally friendly refrigerants. Among them, carbon dioxide, ammonia, and hydrocarbons are paid attention as next generation refrigerants, and their application has been widely expanded. Therefore, in this paper, the latest studies of flow boiling and condensation heat transfer characteristics of carbon dioxide, ammonia, and hydrocarbon are reviewed. The heat transfer characteristics of ammonia and hydrocarbon show the relatively similar trends with the conventional refrigerants compared to those of carbon dioxide. The general trends and recommendable models of flow boiling and condensation heat transfer with carbon dioxide, ammonia, and hydrocarbons are summarized.