An air-conditioning apparatus, comprising: at least one intermediate heat exchanger that exchanges heat between a refrigerant and a heat medium different from said refrigerant; a refrigeration cycle that connects a compressor, a heat source side heat exchanger, at least one expansion valve, and a refrigerant side flow path of said intermediate heat exchanger via piping through which said refrigerant flows; and a heat medium circulation circuit that connects a heat medium side flow path of said intermediate heat exchanger and a use side heat exchanger via piping through which said heat medium circulates, wherein said heat source side heat exchanger, said intermediate heat exchanger, and said use side heat exchanger are separately formed respectively, and a pump that makes said heat medium in said heat medium circulation circuit circulate, characterized in that the air-conditioning apparatus further comprises: a flow meter that detects the flow amount of the heat medium flowed into said use side heat exchanger, capacity calculation means that calculates capacity exerted by said use side heat exchanger from a flow amount of the heat medium detected by said flow meter and detection temperatures of temperature sensors (33, 34) that detect a temperature of the heat medium flowing into said use side heat exchanger and a temperature of the heat medium flowed out from said use side heat exchanger, and control target value change means that changes a control target value of a condensing temperature and/or evaporating temperature of said refrigeration cycle based on values calculated by said capacity calculation means, are provided. at least one intermediate heat exchanger that exchanges heat between a refrigerant and a heat medium different from said refrigerant; a refrigeration cycle that connects a compressor, a heat source side heat exchanger, at least one expansion valve, and a refrigerant side flow path of said intermediate heat exchanger via piping through which said refrigerant flows; and a heat medium circulation circuit that connects a heat medium side flow path of said intermediate heat exchanger and a use side heat exchanger via piping through which said heat medium circulates, wherein said heat source side heat exchanger, said intermediate heat exchanger, and said use side heat exchanger are separately formed respectively, and a pump that makes said heat medium in said heat medium circulation circuit circulate, characterized in that the air-conditioning apparatus further comprises: a flow meter that detects the flow amount of the heat medium flowed into said use side heat exchanger, capacity calculation means that calculates capacity exerted by said use side heat exchanger from a flow amount of the heat medium detected by said flow meter and detection temperatures of temperature sensors (33, 34) that detect a temperature of the heat medium flowing into said use side heat exchanger and a temperature of the heat medium flowed out from said use side heat exchanger, and control target value change means that changes a control target value of a condensing temperature and/or evaporating temperature of said refrigeration cycle based on values calculated by said capacity calculation means, are provided.