The present study has conducted cycle design and control technology of a water source VRF heat pump system. Previously, study of a simultaneous heating and cooling in an air source VRF heat pump system has been conducted. However, performance data and design methods for simultaneous heating and cooling in a water source VRF heat pump system are limited in the literature, due to various system parameters and operating conditions. In this study, the operating characteristics and performances of a simultaneous heating and cooling heat pump system are carried out, in simultaneous operation modes. Control logics of an EEV are developed for flow rate control to the outdoor unit, and are verified. When the control logics are applied, the simultaneous cooling and heating performances are sufficiently achieved, and system COPs are increased by up to 23.4%.