An air-conditioning apparatus 100 in accordance with the present invention includes a compressor 1, an outdoor side heat exchanger 4, a subcooling heat exchanger 9, an expansion device, an indoor side heat exchanger 51, and an accumulator 11, being sequentially connected by pipes. The expansion device includes a flow rate adjustable three-way valve 7. The flow rate adjustable three-way valve 7 includes an opening connected to a pipe communicating with the outdoor side heat exchanger 4, an opening connected to a pipe communicating with the indoor side heat exchanger 51, and an opening connected to a pipe 8 communicating with an upstream side of the accumulator 11 through the subcooling heat exchanger 9. The subcooling heat exchanger 9 is configured to exchange heat between refrigerant flowing through the pipe communicating with the outdoor side heat exchanger 4 and refrigerant flowing through the pipe 8 communicating with the upstream side of the accumulator 11. Valves 6 and 10 are respectively provided to the pipe communicating with the outdoor side heat exchanger 4 at a position between the flow rate adjustable three-way valve 7 and the subcooling heat exchanger 9, and to the pipe 8 communicating with the upstream side of the accumulator 11 at a position between the flow rate adjustable three-way valve 7 and the subcooling heat exchanger 9.