An air conditioning apparatus includes an outdoor unit through which a refrigerant circulates, an indoor unit through which water circulates, and a heat exchange device configured to connect the indoor unit to the outdoor unit, the heat exchange device being configured to perform heat exchange between the refrigerant and the water. The heat exchange device includes a first heat exchanger and a second heat exchanger, a first refrigerant pipe and a second refrigerant pipe, which are connected to the first heat exchanger and the second heat exchanger, respectively, an expansion valve provided in the second refrigerant pipe, a bypass pipe configured to connect the second refrigerant pipe of the first heat exchanger to the first refrigerant pipe of the second heat exchanger, and a bypass valve provided in the bypass pipe.