Numerical modeling of $CO_2$ water heater was conducted prior to optimal design of medium and large sized $CO_2$ water heater, and the experimental test with small sized $CO_2$ water heater having heat capacity of 4 kW was completed to verify the present numerical model. The present model estimated the experimental data of COP(coefficient of performance), heating capacity, and the hot water outlet temperature within the range of 3% to 8% of mean deviation. As increase of EEV(electric expansion valve) opening area, decreasing of heating capacity and the hot water outlet temperature, and increasing of COP were found in both experimental and numerical investigation.