A heat exchanger includes: a heat exchanging portion configured to exchange heat between a refrigerant flowing through therein and air; a liquid reservoir configured to separate a gas-liquid two-phase refrigerant flowing out of the heat exchanging portion into a gas-phase refrigerant and a liquid-phase refrigerant, the liquid reservoir storing the liquid-phase refrigerant; and a refrigerant adjustment portion configured to adjust a flow state of the refrigerant flowing into the refrigerant adjustment portion through a refrigerant passage of the refrigeration cycle, supply the refrigerant to the heat exchanging portion and adjust an outflow state and an outflow destination of the refrigerant flowing out of the heat exchanging portion or the liquid reservoir. At least a part of the refrigerant adjustment portion is inserted into the liquid reservoir.