The invention discloses an air-water dual heat source heat pump water heater, which comprises a main machine, a heat-storage and preservation water tank, a controller, an environment temperature controller, a coil temperature sensor, a water tank temperature sensor, a high-water-level switch, a low-water-level switch, a target-flow switch, a water inflow electromagnetic valve, a circulating waterpump, a compressor, a motor, an electronic expansion valve, a double-pipe evaporator circuit electromagnetic valve, a fin tube evaporator circuit electromagnetic valve, a circulating hot water pipe, a tube-in-tube condenser and a four-way valve, wherein the D port of the four-way valve is connected with the exhaust pipe of the compressor through a high-pressure switch, the C port of the four-way valve is connected with the upper part of a tube-in-tube condenser, the S port of the four-way valve is connected with the air intake of the compressor through a vapor liquid separator and a low-pressure switch, the E port of the four-way valve is connected with the upper part of a double-pipe evaporator and the upper part of a fin tube evaporator, and the tube-in-tube condenser forms a water cooled heat exchanger through a liquid container, a filter, the electronic expansion valve, an axial flow fan blade, a motor and the double-tube evaporator and forms a wind cooled heat exchanger through afin tube evaporator. The water heater can be used for 24 hours each day all the year around in the north of China.