Decarbonizing industrial heating globally is a significant challenge, driving the integration of high-temperature heat pumps for heat recovery and electrification in the industrial sector. However, current high-temperature heat pumps with low global warming potential refrigerants face limitations in delivering high-temperature heat due to their restricted compressor discharge temperature or require several compressors/intercoolers. To address these issues, a novel high-temperature cascade heat pump system is proposed, utilizing water (R718) in the high stage, while selecting one among six low GWP refrigerants (R1234ze(Z), R1233zd(E), R1336mzz(Z), R600, R600a, R601) in the low stage, with single compressor at each stage. To manage high discharge temperatures of high stage, liquid water injection is applied during high stage compression, modeled for both wet and dry steam. The model is validated against available experimental data with maximum error less than 5 %. Further, the effectiveness of the internal heat exchanger in low stage cycle is assessed for all investigated low stage refrigerants. Results reveal that R718 + R600 offers the optimal refrigerant working pair, achieving a maximum COP × VHC of 2895.1 kJ m−3 for delivering high temperature heat at water condensation temperature of 190 °C and recovering heat from low temperature waste energy of 50 °C.