The invention discloses a heat and humidity independent control system with a dehumidification heat exchanger coupled with a compression heat pump, and relates to the technical field of heat and humidity control in air conditioning systems. The independent control system comprises a gas-liquid separator, a compressor, a fluorine path four-way valve, an outdoor heat exchanger, a liquid accumulator, a first throttle valve, a second throttle valve, a temperature module and a humidity module. The temperature module comprises an indoor heat exchanger, a chilled water pump and a fan coil. The humidity module comprises a first three-way valve, a second three-way valve, a first dehumidification heat exchanger, a second dehumidification heat exchanger, a four-way air valve, a first induced draft fan, a second induced draft fan, a first air duct, a second air duct and a third air duct. According to the independent control system, humidity control of dehumidification in summer and humidification in winter is achieved while refrigeration and heat supply are achieved; the evaporation temperature of the heat pump is increased through independent control over heat and humidity, and the energy efficiency of the system is improved.