The present invention is able to provide a lubricating oil composition having excellent thermal/chemical stability even when used for a compression refrigerating machine using a saturated fluorinated hydrocarbon refrigerant having a low carbon number and a low global warming potential, by using a refrigerant containing a saturated fluorinated hydrocarbon having from 1 to 3 carbon atoms, which uses, as a base oil, an oxygen-containing organic compound composed of at least one member selected from a polyoxyalkylene glycol, a polyvinyl ether, a copolymer of a poly(oxy)alkylene glycol and a polyvinyl ether, a copolymer of a poly(oxy)alkylene glycol monoether and a polyvinyl ether, and a polyol ester, each having a water content of not more than 500 ppm by mass.