An integrated valve includes a connecting member including a first valve element and a second valve element. The first valve element is disposed in a pressure reducing chamber of a body of the integrated valve and forms a pressure reducing valve that reduces the pressure of the refrigerant discharged from a compressor. The second valve element is disposed in an on-off valve chamber of the body and forms an on-off valve for adjusting a flow rate of the refrigerant flowing into an intermediate-pressure port of the compressor. The on-off valve is in a fully opened state when the pressure reducing valve is in a throttling state, the on-off valve is in an opened state when the pressure reducing valve is in an opened state, and the on-off valve is in a closed state when the pressure reducing valve is in a fully opened state.