It is important for the safety and good performance of a Li-ion battery module/pack to have an efficient thermal management system. In this paper, a battery thermal management system with a two-phase refrigerant circulated by a pump was developed. A battery module consisting of 240 18650-type Li-ion batteries was fabricated based on a finned-tube heat-exchanger structure. This structural design offers the potential to reduce the weight of the battery thermal management system. The cooling performance of the battery module was experimentally studied under different charge/discharge C-rates and with different refrigerant circulation pump operation frequencies. The results demonstrated the effectiveness of the cooling system. It was found that the refrigerant-based battery thermal management system could maintain the battery module maximum temperature under 38 °C and the temperature non-uniformity within 2.5 °C for the various operation conditions considered. The experimental results with 0.5 C charging and a US06 drive cycle showed that the thermal management system could reduce the maximum temperature difference in the battery module from an initial value of 4.5 °C to 2.6 °C, and from the initial 1.3 °C to 1.1 °C, respectively. In addition, the variable pump frequency mode was found to be effective at controlling the battery module, functioning at a desirable constant temperature and at the same time minimizing the pump work consumption.