The present application provides an integrated heat pump system and a control method therefor. The integrated heat pump system (100) comprises: an air-conditioning indoor unit (110) having a first indoor heat exchanger set (111a, 111b) and a first throttle valve assembly (112a, 112b); a display cabinet indoor unit (120) having a second indoor heat exchanger set (121a, 121b) and a second throttle valve assembly (122a, 122b); and an outdoor unit (130) connected to the air-conditioning indoor unit and the display cabinet indoor unit through pipelines. The outdoor unit comprises: at least two compressors (133a, 133b); an outdoor heat exchanger set (131); a third throttle valve assembly (132); and a mode switch valve assembly configured to switch at least one of the first indoor heat exchanger set and the outdoor heat exchanger set to be connected to the downstream of at least two compressors.