The present study describes a new two-stage transcritical CO2 refrigeration cycle with two ejectors (NERC). At this studied cycle (NERC), vapor compression is performed in two stages and each vapor compression line includes separate ejector. Thermodynamic and exergetic analysis of the proposed cycle are performed using Engineering Equation Solver (EES) software. The new cycle (NERC) is compared with a conventional cycle. It is found that depended on conditions the new cycle (NERC) improves the COP from 20% to 80% compared to the conventional cycle. The effects of main cycle parameters i.e. the high-side pressure of a compressor (discharge pressure), intermediate pressure, the outlet temperature of gas cooler and evaporator temperature on COP are studied.