The invention discloses an air conditioning system which comprises a compressor, a wind side heat exchanger, an air conditioner side heat exchanger, a hot water side heat exchanger, a first four-way valve, a second four-way valve and a third four-way valve. Four connectors of the first four-way valve are communicated with the output end of the compressor, the input end of the compressor, one connector of the second four-way valve and a first connector of the hot water side heat exchanger respectively. Four connectors of the second four-way valve are communicated with one connector of the first four-way valve, a first connector of the wind side heat exchanger, a first connector of the air conditioner side heat exchanger and the input end of the compressor respectively. The air conditioning system further comprises a first throttling element, a first check valve, a second throttling element and a third throttling element, and further comprises a second check valve and a liquid storage tank, wherein the second check valve and the liquid storage tank are sequentially connected in series, and any two of the first throttling element, the second throttling element, the third throttling element and the second check valve are communicated with each other through a pipeline. By means of the air conditioning system, the problem that the switching modes of an existing air conditioning system are not comprehensive enough can be effectively solved.