Even though water (R718) is one of the oldest refrigerants, it is very difficult to use it in compression refrigeration cycle due to its low molecular mass, high boiling point, low specific cooling capacity and a relatively higher value of kinematic viscosity. This paper gives us a glimpse about one of the technique which can be used to use water in compression cycle and also compares its theoretical analysis with the conventional refrigerants already being used. This paper can study the effect on various parameters under similar operation conditions for the comparative study of water and other refrigerants.