A thermal management system, comprising: a cooling liquid circulation flow path and a refrigerant circulation flow path; the thermal management system comprising a first heat exchanger, the first heat exchanger comprising a first heat exchange portion and a second heat exchange portion which are configured for exchanging heat, a flow path of the first heat exchange portion being configured for communicating with the cooling liquid circulation flow path, a flow path of the second heat exchange portion being configured for communicating with the refrigerant circulation flow path, the cooling liquid circulation flow path comprising a first heat exchange assembly, a second heat exchange assembly and a first branch; wherein the thermal management system comprises a heating mode in which the refrigerant circulation flow path is communicated to form a loop; the first heat exchange assembly, the second heat exchange assembly and the first heat exchange portion are communicated to form a loop; the first heat exchange assembly, the first branch and the first heat exchange portion are communicated to form a loop; characterized in that after the cooling liquid passing through the first heat exchange assembly, one path of the cooling liquid flows to the first branch, and another path of the cooling liquid flows to the second heat exchange assembly; the cooling liquid after flowing through the first branch and the cooling liquid after flowing through the second heat exchange assembly merge and then flow to the first heat exchange portion, and heat of the cooling liquid circulation flow path is transferred to the refrigerant circulation flow path through the first heat exchanger; the cooling liquid circulation flow path further comprises a second branch; in the heating mode: the second branch and the second heat exchange assembly are in communication to form a loop, after the cooling liquid passing through the second heat exchange assembly, one path of the cooling liquid flows to the second branch, and another path of the cooling liquid flows to the first heat exchange portion. wherein the thermal management system comprises a heating mode in which the refrigerant circulation flow path is communicated to form a loop; the first heat exchange assembly, the second heat exchange assembly and the first heat exchange portion are communicated to form a loop; the first heat exchange assembly, the first branch and the first heat exchange portion are communicated to form a loop; characterized in that after the cooling liquid passing through the first heat exchange assembly, one path of the cooling liquid flows to the first branch, and another path of the cooling liquid flows to the second heat exchange assembly; the cooling liquid after flowing through the first branch and the cooling liquid after flowing through the second heat exchange assembly merge and then flow to the first heat exchange portion, and heat of the cooling liquid circulation flow path is transferred to the refrigerant circulation flow path through the first heat exchanger; the cooling liquid circulation flow path further comprises a second branch; in the heating mode: the second branch and the second heat exchange assembly are in communication to form a loop, after the cooling liquid passing through the second heat exchange assembly, one path of the cooling liquid flows to the second branch, and another path of the cooling liquid flows to the first heat exchange portion.