A thermal management system includes a cooling circuit, a heat exchange circuit, a heat recovery cooling device and a passenger compartment temperature regulating device. The cooling device includes a condenser, a throttling element and an evaporator. The heat exchange device includes a first air cooled heat exchanger and a heater. The heat recovery cooling device includes a pump, a second air cooled beat exchanger and a cooler. The passenger compartment temperature regulating device includes an air flowing passage and a fan arranged in the air flowing passage, or a compartment heat exchanger. The first air cooled heat exchanger and the heater are in communication with the condenser through a first flow regulating valve. The cooler and the heat emission component heat exchanger are in communication with the evaporator through a second flow regulating valve. The second air cooled heat exchanger is selectively connected in series to the heat emission component heat exchanger.