An air conditioning apparatus comprising: an outdoor unit configured to circulate refrigerant, the outdoor unit comprising a compressor and an outdoor heat exchanger; an indoor unit (50, 60, 70) configured to circulate water; a first heat exchanger configured to perform heat exchange between the refrigerant and the water; a first four-way valve disposed at the first heat exchanger and configured to adjust a flow direction of the refrigerant in the first heat exchanger; a first connection pipe connected to a first port of the first four-way valve and to the outdoor unit; a second connection pipe connected to a second port of the first four-way valve and to the first heat exchanger; a third connection pipe connected to a third port of the first four-way valve and to the outdoor unit; a fourth connection pipe connected to the first heat exchanger and to the outdoor unit; a first expansion valve installed at the fourth connection pipe; at least one bypass pipe (210, 220, 230) connecting two connection pipes among the first connection pipe, the third connection pipe, and the fourth connection pipe to each other, the at least one bypass pipe (210, 220, 230) being configured to guide the refrigerant between the two connection pipes; and a bypass valve (241, 243, 245) installed respectively at the at least one bypass pipe (210, 220, 230); wherein the at least one bypass pipe comprises: - a first bypass pipe connected to a first bypass branch part disposed at the first connection pipe and to a second bypass branch part disposed at the third connection pipe, wherein the at least one bypass valve comprises a first bypass valve installed at the first bypass pipe; - a second bypass pipe connected to a third bypass branch part disposed at the first connection pipe and to a fourth bypass branch part disposed at the fourth connection pipe, wherein the at least one bypass valve comprises a second bypass valve installed at the second bypass pipe; and - a third bypass pipe connected to a fifth bypass branch part disposed at the third connection pipe and to a sixth bypass branch part disposed at the fourth connection pipe, wherein the at least one bypass valve comprises a third bypass valve installed at the third bypass pipe. an outdoor unit configured to circulate refrigerant, the outdoor unit comprising a compressor and an outdoor heat exchanger; an indoor unit (50, 60, 70) configured to circulate water; a first heat exchanger configured to perform heat exchange between the refrigerant and the water; a first four-way valve disposed at the first heat exchanger and configured to adjust a flow direction of the refrigerant in the first heat exchanger; a first connection pipe connected to a first port of the first four-way valve and to the outdoor unit; a second connection pipe connected to a second port of the first four-way valve and to the first heat exchanger; a third connection pipe connected to a third port of the first four-way valve and to the outdoor unit; a fourth connection pipe connected to the first heat exchanger and to the outdoor unit; a first expansion valve installed at the fourth connection pipe; at least one bypass pipe (210, 220, 230) connecting two connection pipes among the first connection pipe, the third connection pipe, and the fourth connection pipe to each other, the at least one bypass pipe (210, 220, 230) being configured to guide the refrigerant between the two connection pipes; and a bypass valve (241, 243, 245) installed respectively at the at least one bypass pipe (210, 220, 230); wherein the at least one bypass pipe comprises: - a first bypass pipe connected to a first bypass branch part disposed at the first connection pipe and to a second bypass branch part disposed at the third connection pipe, wherein the at least one bypass valve comprises a first bypass valve installed at the first bypass pipe; - a second bypass pipe connected to a third bypass branch part disposed at the first connection pipe and to a fourth bypass branch part disposed at the fourth connection pipe, wherein the at least one bypass valve comprises a second bypass valve installed at the second bypass pipe; and - a third bypass pipe connected to a fifth bypass branch part disposed at the third connection pipe and to a sixth bypass branch part disposed at the fourth connection pipe, wherein the at least one bypass valve comprises a third bypass valve installed at the third bypass pipe. - a first bypass pipe connected to a first bypass branch part disposed at the first connection pipe and to a second bypass branch part disposed at the third connection pipe, wherein the at least one bypass valve comprises a first bypass valve installed at the first bypass pipe; - a second bypass pipe connected to a third bypass branch part disposed at the first connection pipe and to a fourth bypass branch part disposed at the fourth connection pipe, wherein the at least one bypass valve comprises a second bypass valve installed at the second bypass pipe; and - a third bypass pipe connected to a fifth bypass branch part disposed at the third connection pipe and to a sixth bypass branch part disposed at the fourth connection pipe, wherein the at least one bypass valve comprises a third bypass valve installed at the third bypass pipe.