Recently, we have developed ultralow-temperature high-performance liquid chromatography (HPLC) at −196°C using liquid nitrogen-based mobile phases. In this study, a retention model for ultralow-temperature HPLC, in which adsorption exchange and “pseudo partition” modes are combined, is proposed to describe the effect of the mobile phase composition on the retention of analytes. The experimental results agreed well with the equation of the proposed model. It was revealed that, in the low and high additive concentration regions, adsorption exchange and pseudo partition retention, respectively, dominate the analyte retention. The difference in the retention behavior between bare-silica and octadecylsilyl-modified silica (ODS) columns was also studied. Retention of alkanes in the ODS column was greater than that in the bare-silica one. Addition of both ethane and ethylene to the mobile phase in the ODS column afforded the elution of propylene, which was not eluted with the bare-silica column at −196°C.