The present invention provides a refrigerating oil composition containing a refrigerant (A) containing as a predominant component a C1-C8 hydrocarbon compound and a base oil (B) composed of a polyalkylene glycol ether having a specific structure and/or a polyvinyl ether having a specific structure, and satisfying the following conditions: solubility of the refrigerant (A) in the base oil (B) of 40 mass % or less at 40° C. and 1.2 MPa and mixture viscosity of the refrigerating oil composition of 0.1 mm2/s or more at 90° C. and 2.3 MPa. According to the refrigerating oil composition of the present invention, refrigerating oil and hydrocarbon-based refrigerant are mutually dissolved at an appropriate degree, and lubrication can be fully attained by the refrigerating oil. Even when the hydrocarbon-based refrigerant is used in an amount smaller than the conventional amount, cooling can be performed satisfactorily.