The invention relates to a reliable cold and heat source system fully using light and heat. The system comprises a solar heat collector, a lithium bromide absorption type water chilling unit, an ultralow-temperature air source heat pump, an air cooling water chilling unit, an oil-water heating heat exchanger, an oil-water hot water heat exchanger and an oil pump unit. The solar heat collector is used for receiving energy of sunlight and heating heat conducting oil; the heat conducting oil can be supplied to the lithium bromide absorption type water chilling unit for generating air conditioning cold water, or can be supplied to the oil-water heating heat exchanger and the oil-water hot water heat exchanger for generating air conditioning hot water and living hot water; the ultralow-temperature air source heat pump and the air cooling water chilling unit can assist to supply the air conditioning hot water, the living hot water and the air conditioning cold water, so that the defect of limitation by the weather condition in single solar refrigeration is prevented; multiple types of equipment are organically integrated to reduce the air conditioner refrigerating and heating power consumption; and the system can be applied to areas with various weathers and sunlight.