A thermal management system having a first heating device, such as a rechargeable energy storage system (RESS), and a second heating device, such as an internal combustion engine (ICE), for a vehicle is provided. The system may allow waste heat within an ICE to be stored in a RESS, and may cool the RESS by depositing heat in the ICE. The RESS and the ICE are located in a first coolant circuit and a second coolant circuit, respectively. The system also includes a third coolant circuit interconnected with the first coolant circuit, and in thermal communication with the second coolant circuit via a first heat exchanger. The first and third coolant circuits are configured to circulate a first coolant, and the second coolant circuit is configured to circulate a second coolant. The RESS and the ICE are each configured to selectively operate as a heat source or a heat sink.