The invention relates to a hybrid electric vehicle and a thermal management system thereof. The system includes an air conditioning refrigeration circulation loop, a motor heat exchange branch, a battery heat exchange branch, and an engine heat exchange branch, wherein the air conditioning refrigeration circulation loop comprises a compressor, a condenser, an evaporator, and a heat exchanger, a first group joint of the heat exchanger is used for connecting the evaporator, and the motor heat exchange branch, the battery heat exchange branch, and the engine heat exchange branch are connected inparallel and are connected with a second group joint of the heat exchanger through a water valve. The system achieves refrigeration inside a vehicle by controlling the air conditioning refrigeration circulation loop, achieves battery refrigeration by controlling the air conditioning refrigeration circulation loop and the battery heat exchange branch, achieves motor refrigeration by controlling theair conditioning refrigeration circulation loop and the motor heat exchange branch, achieves usage of engine residual heat for battery heating by the battery heat exchange branch and the engine heatexchange branch, achieves usage of residual heat of a motor for battery heating by the motor heat exchange branch and the battery heat exchange branch and achieves efficient utilization of energy of awhole vehicle.