A thermal management system for an electric vehicle includes a device for cooling one or more heat generating components, an in-cabin heat exchanger, and a heat pump device. The heat pump device includes a compressor, a first heat exchanger, a throttling element, and a second heat exchanger which are connected through pipelines and form a first loop. The first heat exchanger and the second heat exchanger are both dual channel exchangers. The device for cooling one or more heat generating components forms a second loop with the second channel of the first heat exchanger, and forms a third loop with the second channel of the second heat exchanger. The in-cabin heat exchanger forms a fourth loop with the second channel of the second heat exchanger. Only one of the second, third, and fourth loops is not shut off at any given time.