An air-conditioning apparatus including a refrigeration cycle configured by connecting one or more load-side units including a load-side heat exchanger and a load-side expansion device with a heat-source-side unit including a heat-source-side heat exchanger and a compressor and by causing refrigerant to circulate through a refrigerant circuit including the load-side heat exchanger, the load-side expansion device, the heat-source-side heat exchanger, and the compressor, controls, during a heating operation, the opening degree of the load-side expansion device, based on the discharge pressure of the compressor, so that the pressure of refrigerant at the outlet of the compressor becomes equal to a target pressure, in the case where the operation capacity of the compressor is approximately at the maximum value of the operation capacity of the compressor.