The flammability and explosiveness are the disadvantages of the application of R290 practically as an alternative refrigerant of R22. However, adding flame‐retardant R1234ze(E) to R290 can make up for those shortcomings. The refrigerant mixture R290/R1234ze(E) with mass ratio 55%:45% (coded RC01) was proposed to replace R22. The data of RC01 were obtained by calculating using the refrigerant software REFPROP9.1. The environmental impact indexes, temperature glide characteristics, thermodynamic and thermophysical properties, theoretical thermodynamic cycle performances, safety, and lubrication properties of RC01 were analyzed and compared with that of R22, R410A, R407C, R290, R1234ze(E), respectively. The results show that the RC01, with the ozone depletion potential of 0 and global warming potential of 12, is a near‐azeotropic refrigerant whose glide temperature is approximately 0, and it has better thermodynamic and thermophysical properties as well as theoretical thermodynamic cycle performances. The RC01 also has good lubrication characteristics and low flammability. So it is technically feasible to replace R22.