In a refrigeration cycle system, switching is allowed between a parallel operation mode and a series operation mode. In the parallel operation mode, a refrigerant, upon leaving a load side heat exchanger, parallelly flows through a high-pressure side passage of each of a first internal heat exchanger and a second internal heat exchanger and then flows into an expansion valve. In the series operation mode, the refrigerant, upon leaving the load side heat exchanger, flows through the high-pressure side passage of the first internal heat exchanger, further flows through the high-pressure side passage of the second internal heat exchanger, and then flows through a high-pressure side bypass pipe into the expansion valve.