An air-conditioning apparatus uses carbon dioxide as a refrigerant, and includes comprises a two-stage-compression-type compression mechanism, a heat source-side heat exchanger, an expansion mechanism, a usage-side heat exchanger, and an intercooler. The intercooler uses air as a heat source. The intercooler is configured and arranged to cool refrigerant flowing through an intermediate refrigerant tube that draws refrigerant discharged from the first-stage compression element into the second-stage compression element. The intercooler is integrated with the heat source-side heat exchanger to form an integrated heat exchanger, with the intercooler disposed in an upper part of the integrated heat exchanger.