Disclosed is an air conditioner and, in particular, an air conditioner which is capable of blowing out warm air in heating mode. In the air conditioner of this invention, the condenser is thermally separated into an air-upstream-side and an air-downstream-side heat exchanger, and the heat exchange capacity of the air-downstream-side heat exchanger is adjusted, so that, under preset operating conditions, the entire refrigerant in the air-downstream-side heat exchanger can be kept in the superheated-gas phase, thus making it possible to blow out warm air having a temperature higher than the condensation temperature. Further, the refrigerant temperature at the outlet of the air-downstream-side heat exchanger is measured by a temperature sensor, and the revolving speed of the compressor, the revolving speed of the fan, etc., is so controlled that the temperature measured is kept at a level higher than the condensation temperature. Thus, under all operating conditions, the entire refrigerant in the air-downstream-side heat exchanger can be kept in the superheated gas phase, thereby making it possible to blow out warm air having a temperature higher than the condensation temperature.