The invention relates to a heat pump air conditioner with adjustable humidity, belonging to the technical filed of refrigeration. The heat pump air conditioner comprises a compression heat pump system and a rotating wheel dehumidifying system, which are connected with each other. The rotating wheel dehumidifying system comprises a belt or gear, a dehumidifying rotating wheel, a heater, a heat regenerator, an outdoor blower, a motor, and an indoor blower, wherein the motor is connected with the dehumidifying rotating wheel via the belt or gear, the dehumidifying rotating wheel is respectively connected with the heater and heat regenerator in fresh air region via air pipes, the heat regenerator is connected with an indoor heat exchanger at fresh air side with an air pipe, the indoor heat exchanger is connected with the indoor blower, an outdoor heat exchanger subzone is connected with the heater via an air pipe, and the other side of the outdoor heat exchanger subzone is connected with an outdoor heat exchanger of the compression heat pump system via an air pipe. The invention can effectively utilize condensation of air conditioner to remove heat, and is an environmentally-friendly and energy-saving refrigeration unit with the advantages of simple structure, automatic operation, and no environmental pollution.