A heat pump system includes a refrigerant circuit and a controller. In a heating operation, the usage-side expansion valve is controlled so that a degree of subcooling of outlet refrigerant of the usage-side heat exchanger is equal to a predetermined target degree of subcooling. In a refrigerant recovery control, the heat-source-side expansion valve is controlled so that a degree of superheat of outlet refrigerant of the heat-source-side heat exchanger is equal to a predetermined target degree of superheat, the predetermined target degree of superheat is changed so that the outlet refrigerant of the heat-source-side heat exchanger is wet when the usage-side expansion valve is opened greater than a predetermined opening degree at a start of refrigerant recovery, and change in the predetermined target degree of superheat is cancelled when the usage-side expansion valve is closed smaller than a predetermined opening degree at an end of refrigerant recovery.