The transient characteristics of a 4.0㎾ inverter driven heat pump was investigated by theoretical and experimental studies. The heat pump used in this study consists of a high side scroll compressor and $Phi$7 compact heat exchangers with two capillary tubes. A series of tests was peformed to examine the transient characteristics of heat pump in heating and cooling mode when the operating speed was varied from 30Hz to 102Hz. One of the major issues that has not been addressed so far is transient characteristics during speed modulation. A cycle simulation model has been developed to predict the cycle performance under frequency rise-up conditions, and the results of theoretical study were compared with the results of experimental study. The theoretical model was driven from mass conservation and energy conservation equations to predict the operation points of refrigerant cycle and the performances at various operating speeds. For transient conditions, the simulated results are in good agreement with the experimental results within 10%. The transient cycle migration of the liquid state refrigerant causes a significant dynamic change in system. Thus, the migration of refrigerant is the most important factor whenever An experimental analysis is performed or A simulation model is developed.