To provide a refrigeration cycle which is capable of reducing power consumption while solving the problems of hunting and oil circulation. The refrigeration cycle is formed by combining an expansion valve that controls the flow rate of refrigerant supplied to an evaporator such that refrigerant at the outlet of the evaporator always maintains a predetermined level of superheat, in normal times, and is equipped with a minimum flow rate-securing device capable of allowing the refrigerant to flow at a predetermined minimum flow rate when the flow rate is most restricted, with a variable displacement compressor.