A thermal management system, comprising a compressor, a first heat exchanger, a second heat exchanger, a third heat exchanger and an intermediate heat exchanger, the thermal management system further comprises a gas-liquid separator and a first throttling device arranged at a refrigerant inlet of the second heat exchanger, wherein the intermediate heat exchanger comprises a first heat exchange portion and a second heat exchange portion, the first heat exchange portion is capable of exchanging heat with at least a part of the second heat exchange portion, the thermal management system further comprises a flow regulating portion which comprises a throttling unit and a valve unit, characterized in that a first end port of the third heat exchanger is capable of communicating with a third end port of the second heat exchange portion through the valve unit, and a second end port of the second heat exchange portion is capable of communicating with the first end port of the third heat exchanger through the throttling unit, the thermal management system further comprises a first valve device, the first valve device comprises a first communicating port, a second communicating port, a third communicating port and a fourth communicating port, a first end port of the first heat exchange portion is in communication with an inlet of the compressor, an outlet of the compressor is in communication with a refrigerant inlet of the first heat exchanger, and a refrigerant outlet of the first heat exchanger is in communication with the first communicating port, a second end port of the first heat exchange portion is in communication with an outlet of the gas-liquid separator, and an inlet of the gas-liquid separator is in communication with the fourth communicating port and a refrigerant outlet of the second heat exchanger, a first end port of the second heat exchange portion is in communication with the second communicating port and an inlet of the first throttling device, and an outlet of the first throttling device is in communication with the refrigerant inlet of the second heat exchanger, a second end port of the third heat exchanger is in communication with the third communicating port, the first valve device comprises a first working state and a second working state; in the first working state of the first valve device, the first communicating port is in communication with the third communicating port, and a communication passageway between the fourth communicating port and the second communicating port is relatively blocked; and in the second working state of the first valve device, the first communicating port of the first valve device is in communication with the second communicating port, and the third communicating port is in communication with the fourth communicating port. the thermal management system further comprises a gas-liquid separator and a first throttling device arranged at a refrigerant inlet of the second heat exchanger, wherein the intermediate heat exchanger comprises a first heat exchange portion and a second heat exchange portion, the first heat exchange portion is capable of exchanging heat with at least a part of the second heat exchange portion, the thermal management system further comprises a flow regulating portion which comprises a throttling unit and a valve unit, characterized in that a first end port of the third heat exchanger is capable of communicating with a third end port of the second heat exchange portion through the valve unit, and a second end port of the second heat exchange portion is capable of communicating with the first end port of the third heat exchanger through the throttling unit, the thermal management system further comprises a first valve device, the first valve device comprises a first communicating port, a second communicating port, a third communicating port and a fourth communicating port, a first end port of the first heat exchange portion is in communication with an inlet of the compressor, an outlet of the compressor is in communication with a refrigerant inlet of the first heat exchanger, and a refrigerant outlet of the first heat exchanger is in communication with the first communicating port, a second end port of the first heat exchange portion is in communication with an outlet of the gas-liquid separator, and an inlet of the gas-liquid separator is in communication with the fourth communicating port and a refrigerant outlet of the second heat exchanger, a first end port of the second heat exchange portion is in communication with the second communicating port and an inlet of the first throttling device, and an outlet of the first throttling device is in communication with the refrigerant inlet of the second heat exchanger, a second end port of the third heat exchanger is in communication with the third communicating port, the first valve device comprises a first working state and a second working state; in the first working state of the first valve device, the first communicating port is in communication with the third communicating port, and a communication passageway between the fourth communicating port and the second communicating port is relatively blocked; and in the second working state of the first valve device, the first communicating port of the first valve device is in communication with the second communicating port, and the third communicating port is in communication with the fourth communicating port.