Water-cooled Variable Refrigerant Flow system (WCVRF) is like a connection of water source heat pump system and air-cooled VRF system and it has almost all advantages of both systems. For its better application in China, it is necessary to give a research and analysis through experiment firstly. So in the paper, the water-cooled VRF system is introduced firstly, then the practical experimental lab including test data point, system design and diagram in Tongji university is shown and explained clearly. Finally, through the analysis on test data such as inlet and outlet water temperature of unit, the power used of unit and water pump etc., we can see the instantaneous coefficient of performance (COP), seasonal COP and integrated part load value (IPLV) of whole system. All the results are helpful for the better application of water-cooled VRF system.