A thermal management system, comprising: a compressor, an outdoor heat exchanger, a first valve control device, a first indoor heat exchanger, a second indoor heat exchanger and a second valve control device, the compressor, the outdoor heat exchanger, the first valve control device, the first indoor heat exchanger, the second indoor heat exchanger and the second valve control device being connected by pipelines, the thermal management system comprising a cooling mode and a heating and dehumidifying mode; in the cooling mode: the first valve control device and the second valve control device are opened; the compressor, the outdoor heat exchanger, the first valve control device, the second indoor heat exchanger, the second valve control device and the first indoor heat exchanger are in communication to form a loop; a refrigerant compressed by the compressor is adapted to flow in sequence through the outdoor heat exchanger, the first valve control device, the second indoor heat exchanger, the second valve control device and the first indoor heat exchanger, and enters the compressor again to circulate in this way; in the heating and dehumidifying mode: the first valve control device and the second valve control device are opened; the compressor, the first indoor heat exchanger, the second valve control device, the second indoor heat exchanger, the first valve control device and the outdoor heat exchanger are in communication to form a loop; the refrigerant compressed by the compressor is adapted to flow in sequence through the first indoor heat exchanger, the second valve control device, the second indoor heat exchanger, the first valve control device and the outdoor heat exchanger, and enters the compressor again to circulate in this way; wherein the first valve control device and the second valve control device both include a fully open mode and a throttle mode; in the heating and dehumidifying mode, the second valve control device is in the throttle mode, and the first valve control device is in the throttle mode or the fully open mode; characterized in that in the cooling mode, the first valve control device is in the throttle mode, and the second valve control device is in the fully open mode, the outdoor heat exchanger acts as a condenser to release heat, and the first indoor heat exchanger and the second indoor heat exchanger both act as an evaporator to absorb heat. in the cooling mode: the first valve control device and the second valve control device are opened; the compressor, the outdoor heat exchanger, the first valve control device, the second indoor heat exchanger, the second valve control device and the first indoor heat exchanger are in communication to form a loop; a refrigerant compressed by the compressor is adapted to flow in sequence through the outdoor heat exchanger, the first valve control device, the second indoor heat exchanger, the second valve control device and the first indoor heat exchanger, and enters the compressor again to circulate in this way; in the heating and dehumidifying mode: the first valve control device and the second valve control device are opened; the compressor, the first indoor heat exchanger, the second valve control device, the second indoor heat exchanger, the first valve control device and the outdoor heat exchanger are in communication to form a loop; the refrigerant compressed by the compressor is adapted to flow in sequence through the first indoor heat exchanger, the second valve control device, the second indoor heat exchanger, the first valve control device and the outdoor heat exchanger, and enters the compressor again to circulate in this way; wherein the first valve control device and the second valve control device both include a fully open mode and a throttle mode; in the heating and dehumidifying mode, the second valve control device is in the throttle mode, and the first valve control device is in the throttle mode or the fully open mode; characterized in that in the cooling mode, the first valve control device is in the throttle mode, and the second valve control device is in the fully open mode, the outdoor heat exchanger acts as a condenser to release heat, and the first indoor heat exchanger and the second indoor heat exchanger both act as an evaporator to absorb heat.