Motivated by a realistic scenario for cognitive radio systems, we model the underlay cognitive radio network (CRN) under interference power constraint imposed by the primary network as an M/G/1/K queueing system. The respective embedded Markov chain is provided to analyze several key queueing performance measures. In particular, the equilibrium probabilities of all states are derived and utilized to evaluate throughput, blocking probability, mean packet transmission time, mean number of packets in the system, and mean waiting time of an underlay CRN with Nakagami-m fading channels.