A valve module and a heat pump system are disclosed. The heat pump system comprises: an outdoor unit, a plurality of indoor units, one or more valve modules, a plurality of sensors and a control device. The control device is connected to the plurality of sensors and configured to execute a local cut-off step upon receiving a signal indicating refrigerant leakage in a corresponding indoor unit sent from any sensor, the local cut-off step comprising: closing the indoor unit throttling element of the indoor unit with leakage; and closing the corresponding branch control valve in the valve module connected to the indoor unit with leakage. The valve module and heat pump system according to the embodiments of the invention can effectively prevent continuous refrigerant leakage into the room and have minimal impact on other indoor units of the heat pump system.