A Z-shaped two-position four-way reversing valve comprises a Z-shaped valve element and a valve body, wherein the valve body is provided with a rectangular valve cavity; a low-pressure air inlet and a high-pressure air inlet which communicate with the rectangular valve cavity are formed in one side of the valve body; a first heat exchanger flow channel opening and a second heat exchanger flow channel opening which communicate with the rectangular valve cavity are formed in the other side of the valve body; the Z-shaped valve element is slidably arranged in the rectangular valve cavity and divides the rectangular valve cavity into a plurality of independent chambers, so that the high-pressure air inlet and the first heat exchanger flow channel opening are positioned in the same chamber, and the low-pressure air inlet and the second heat exchanger flow channel opening are positioned in the same chamber; and by sliding of the Z-shaped valve element, the high-pressure air inlet and the second heat exchanger flow channel opening are positioned in the same chamber, and the low-pressure air inlet and the first heat exchanger flow channel opening are positioned in the same chamber. The Z-shaped two-position four-way reversing valve has an all-metal structure. Compared with the traditional valve element with a rubber sliding block, the Z-shaped two-position four-way reversing valve is stable in switching, failure rate of switching can be reduced by 20%, the valve is not easily affected by environmental factors such as vibration and corrosion, and the service life is long.