An air conditioner capable of dehumidifying a space where an indoor unit is installed and even a space where an outdoor unit is installed is disclosed. The air conditioner includes a compressor for compressing refrigerant, an outdoor heat-exchanger including a first and a second heat-exchangers for performing heat-exchange of the refrigerant discharged from the compressor, a first decompression device installed at a pipe through which the refrigerant discharged from the outdoor heat-exchanger passes, an indoor heat-exchanger for performing heat-exchange of the refrigerant discharged from the outdoor heat-exchanger, a second decompression device installed at a pipe connected to the first and the second heat-exchangers, and a first two-way valve installed at a pipe for refrigerant to bypass the second decompression device.