Provided is an air conditioning apparatus. The air conditioning apparatus includes an outdoor unit through which a refrigerant is circulated, an indoor unit through which water is circulated, and a heat exchange device including a heat exchanger in which the refrigerant and the water are heat-exchanged with each other. The heat exchanger includes a high-pressure guide tube, a low-pressure guide tube, a liquid guide tube, a bypass tube configured to connect a bypass branch point of the high-pressure gas tube of the outdoor unit to a bypass combination point of the liquid guide tube to bypass a high-pressure refrigerant existing in the high-pressure tube to the liquid guide tube, and a bypass valve installed in the bypass tube. The outdoor unit includes a first valve device configured to guide a refrigerant compressed in the compressor to the outdoor heat exchanger and a second valve device configured to guide the refrigerant compressed in the compressor to the high-pressure guide tube of the heat exchange device.