A water cooling type air conditioner is provided. The water cooling type air conditioner includes first and second heat exchangers, a refrigerant pipe, and a direction controlling unit. The first heat exchanger performs heat exchange between air and refrigerant. The second heat exchanger performs heat exchange between the refrigerant and cooling water. The refrigerant pipe is connected between the first heat exchanger and the second heat exchanger to guide a flow of the refrigerant. The direction controlling unit is disposed on one side of the second heat exchanger and controls the refrigerant and the cooling water flowing inside the second heat exchanger to flow in respectively opposite directions.