A New-PVE lubricant was developed for use with R32 refrigerant. R32 has been proposed as an alternative refrigerant for R410A refrigerant, to reduce global warming. In this report, we evaluated the relationship between the New-PVE lubricant and R32 and R410A refrigerants. The evaluation items were physical properties (miscibility, solubility, mixture viscosity and volumetric resistivity) and thermal stability and lubricity. In addition, a New-PVE was also developed to improve miscibility with R32 refrigerant.