An electric vehicle and a thermal management system are provided, a cooling device thereof comprises a condenser (12), a throttling element (14) and an evaporator (13); a heat exchange device thereof comprises a first air cooled heat exchanger (22) and a heater (23); a heat recovery cooling device thereof comprises a heat emission component heat exchanger (35), a second air cooled heat exchanger (34) and a cooler (33); a passenger compartment temperature regulating device thereof comprises the heater (23) and a cooler (33). The first air cooled heat exchanger (22) and the heater (23) are in communication with the condenser (12) through a first flow regulating valve (21). The cooler (33) and the heat emission component heat exchanger (35) are in communication with the evaporator (13) through a second flow regulating valve (31). The second air cooled heat exchanger (34) is selectively connected in series to the heat emission component heat exchanger (35). The thermal management system ensures full utilization of heat, improves the cooling effect and the comfort level of the passenger compartment, reduces the amount of the charged coolant, and prevents the coolant from entering the passenger compartment.