An air-conditioning apparatus comprising: a compressor, a condenser, an expansion valve, and an evaporator, included in a refrigerant circuit through which refrigerant circulates; a condenser fan; an evaporator fan; a measurement unit configured to measure operating state variables of the refrigerant circuit; and a control unit (41 b) configured to control a manipulated variable of an operational object, which is at least one of frequency of the compressor, an opening degree of the expansion valve, a rotation speed of the condenser fan, and a rotation speed of the evaporator fan, so that a current value of a controlled object, which is one measurement of measurements obtained by the measurement unit, reaches a target value of the controlled object determined based on measurements other than the one measurement, characterized in that the control unit determines, while the current value is lower than a lower limit value among an upper limit value and the lower limit value of a settling range in which the target value is centered, the manipulated variable by using the upper limit value as a target value, determines, while the current value is higher than the upper limit value, the manipulated variable by using the lower limit value as a target value, and determines, after the current value falls within the settling range, the manipulated variable based on a reference allowable overshoot ratio, which is a preset overshoot ratio and is an allowable overshoot ratio of the current value of the controlled object to the target value, wherein the control unit calculates, when determining the manipulated variable while the current value is outside the settling range, a variable allowable overshoot ratio by dividing the settling range by a difference between the current value and the target value, calculates a control gain for determining the manipulated variable based on the variable allowable overshoot ratio, and determines the manipulated variable based on the control gain, and calculates, when determining the manipulated variable after the current value falls within the settling range, a control gain for determining the manipulated variable based on the reference allowable overshoot ratio, and determines the manipulated variable based on the control gain. a compressor, a condenser, an expansion valve, and an evaporator, included in a refrigerant circuit through which refrigerant circulates; a condenser fan; an evaporator fan; a measurement unit configured to measure operating state variables of the refrigerant circuit; and a control unit (41 b) configured to control a manipulated variable of an operational object, which is at least one of frequency of the compressor, an opening degree of the expansion valve, a rotation speed of the condenser fan, and a rotation speed of the evaporator fan, so that a current value of a controlled object, which is one measurement of measurements obtained by the measurement unit, reaches a target value of the controlled object determined based on measurements other than the one measurement, characterized in that the control unit determines, while the current value is lower than a lower limit value among an upper limit value and the lower limit value of a settling range in which the target value is centered, the manipulated variable by using the upper limit value as a target value, determines, while the current value is higher than the upper limit value, the manipulated variable by using the lower limit value as a target value, and determines, after the current value falls within the settling range, the manipulated variable based on a reference allowable overshoot ratio, which is a preset overshoot ratio and is an allowable overshoot ratio of the current value of the controlled object to the target value, wherein the control unit calculates, when determining the manipulated variable while the current value is outside the settling range, a variable allowable overshoot ratio by dividing the settling range by a difference between the current value and the target value, calculates a control gain for determining the manipulated variable based on the variable allowable overshoot ratio, and determines the manipulated variable based on the control gain, and calculates, when determining the manipulated variable after the current value falls within the settling range, a control gain for determining the manipulated variable based on the reference allowable overshoot ratio, and determines the manipulated variable based on the control gain.