Disclosed are a multi-duct assembly, a refrigerator which includes the multi-duct assembly, and a method of controlling the refrigerator. The multi-duct assembly has a new structure for overcoming limitations of a related art. The multi-duct assembly may adjust opening states and sizes of cold air outlets formed at a multi-duct panel by moving a variable duct panel disposed on a rear surface of the multi-duct panel upward or downward.