The creation of new age refrigerants might be the answer to the issue of an Earth-wide rise in temperature. Hence, while choosing new refrigerants a careful process is required. The general effect of any refrigerant substance on global warming, energy efficiency, ozone depletion, cost-effectiveness, chemical stability, and safety ought to be assessed. This paper sums up the experimental and numerical investigations directed with the globally accepted R1234yf refrigerant. The paper’s principal points are to assess the capability of the hydro-fluoro-olefin (HFO) refrigerant mainly R1234yf utilized in the refrigeration system (vapor compression systems, domestic refrigeration system) and to explore its utilization as an eco-friendly refrigerant. In the vapor compression refrigeration system, the cooling capacity and coefficient of performance of R1234yf are found to be less, 9% and 11%, respectively compared to that of R134a. But the power consumption of the system with R1234yf increased between 1.6% and 6.7% when compared to R134a. This paper likewise assists with recognizing the gap in the past research works and explores the possibilities for additional works.