The invention relates to a cooling and heating integrated air conditioner and aims to provide the cooling and heating integrated air conditioner greatly improved in energy-saving effect and capable of being mounted indoors or outdoors. A circulation heating system consists of one or more than two circulation heating pipes or a first circulation heating pipe and a second circulation heating pipe connected in series; each circulation heating pipe comprises an outer pipe body; the outer pipe body is formed by connecting a first outer pipe body with a second outer pipe body; the first outer pipe body is provided with a liquid inlet; the second outer pipe body is provided with a liquid outlet; a heat conduction pipe set is arranged in the second outer pipe body and formed by annularly arranging a plurality of heat conduction pipes; an inner pipe body with a turned edge at one end is arranged outside the heat conduction pipe set; a liquid return flow channel is formed between the outer wall of the inner pipe body with the turned edge at one end and the inner wall of the second outer pipe body; and heat conduction sheets are arranged on the heat conduction pipe set. Therefore, the energy-saving effect is greatly improved based on the usage effect of heat energy generated by electric heating wires with the same power.