A condensation and falling film evaporation hybrid heat exchanger is provided, including a shell, a condenser entrance pipe connected to a compressor discharge port, and an evaporator exit pipe connected to a compressor suction port being disposed respectively on the shell. A baffle plate is disposed at a position inside the shell corresponding to the condenser entrance pipe. A refrigerant distributor is disposed in the shell, a condensing tube bundle being disposed above the refrigerant distributor, and a falling film evaporating tube bundle being disposed below the refrigerant distributor. The condensation and falling film evaporation hybrid heat exchanger according to this invention can be used in concert with low-pressure refrigerant, thus efficiently solving the problem of refrigerant distribution with the falling film evaporator using low-pressure refrigerant.