To study the effect of water on the properties of choline chloride (ChCl)/urea mixtures (1:2 on a molar basis), the density and viscosity of ChCl/urea (1:2) with water were measured at temperatures from 298.15 K to 333.15 K at atmospheric pressure, the CO2 solubility in ChCl/urea (1:2) with water was determined at 308.2 K, 318.2 K, and 328.2 K and at pressures up to 4.5 MPa. The results show that the addition of water significantly decreases the viscosity of ChCl/urea (1:2), whereas the effects on their density and CO2 solubility are much weaker. The CO2 solubility in ChCl/urea (1:2) with water was represented with the Nonrandom-Two-Liquid Redlich–Kwong (NRTL-RK) model. The excess molar volume and excess molar activation energy were further determined. The CO2 absorption enthalpy was calculated and dominated by the CO2 dissolution enthalpy, and the magnitude of the CO2 dissolution enthalpy decreases with the increase of water content.