The invention relates to a
thermal management system and a vehicle. A
refrigerant circulation loop of the
thermal management system comprises a compressor, a cooler and a heater which are communicated in sequence. The cooling device, the first heat exchange runner, the heater and the cooler all communicate with the control valve
assembly. The control valve
assembly can be switched between a first working state and a second working state, and when the control valve
assembly is in the first working state, the control valve assembly communicates with the heater and the first heat exchange runner and disconnects the cooler and the first heat exchange runner; a
cooling medium sequentially flows through the outlet of the first heat exchange runner, the cooling device, the heater and the inlet of the first heat exchange runner. When the control valve assembly is in the second working state, the control valve assembly communicates with the cooler and the first heat exchange flow channel and disconnects the heater and the first heat exchange flow channel, so that the
cooling medium sequentially flows through the outlet of the first heat exchange flow channel, the cooler, the cooling device and the inlet of the first heat exchange flow channel. By arranging the control valve assembly, the applicability of the
thermal management system can be improved.