This paper proposes a snow storage system by using a renovated space for the purpose of efficient energy use and cost saving of the utilization of snow and it aims to clarify the effectiveness of this system. First, an outline of snow storage system by using a renovated space is presented, together with a description of a facility for a demonstration test. Second, as a result of long term measurements on snow storage characteristics, the percentage of the energy used for cooling at the end of the space cooling period was 59% of the initially stored snow. And as a result of heat balance analysis, though heat loss from the floor was relatively large due to locating of the underground space, we confirm that this system has possibility of high energy conservation. Finally, as a result of analysis through construction phase and operation phase on the cooling system, payback periods of primary energy were less than 10 years, and initial cost was 96% compared with a conventional system.