The performance of a $CO_2$ heat pump water heater was measured with a variation of operating conditions such as refrigerant charge amount, outdoor temperature, compressor frequency, EEV opening, and water mass flow rate. The optimum refrigerant charge amount of the $CO_2$ system was 1800 g. At water mass flow rates of 75, 85, and 95 kg/h, the water heating temperatures were 74, 67, and $62^{circ}C$ and COPs were 2.6, 2.8, and 3.0, respectively. Besides, the compressor frequency and water mass flow rate were adjusted to maintain the water heating temperature at $60^{circ}C$ with the decrease of outdoor temperature. As the outdoor temperature decreased by $5^{circ}C$, the compressor frequency increased beyond 60 Hz and the water mass flow rate decreased by 16.7%.