The invention discloses a water-cooled air conditioning and water heating system. The system comprises an indoor heat exchanger, an outdoor heat exchanger, a condenser, an evaporator, a compressor, an engine block and an air conditioning accessory, wherein the engine block comprises an outdoor unit and an indoor unit; the compressor comprises an air conditioning compressor and a hot water compressor which are both positioned outside the engine block; the indoor heat exchanger is positioned in the indoor unit and communicated with the indoor environment; the outdoor heat exchanger, the condenser and the evaporator are positioned in the outdoor unit; the outdoor unit is partitioned into a heat exchange water tank and a hot water tank; the condenser is positioned in the hot water tank; both the outdoor heat exchanger and the evaporator are positioned in the heat exchange water tank; the indoor heat exchanger, the outdoor heat exchanger, the air conditioning compressor and the air conditioning accessory are connected through pipelines to form a set of circulating pipeline; and the condenser, the evaporator and the hot water compressor are connected through the pipelines to form another set of circulating pipeline. By taking water as a heat exchange medium, the system fulfils the aim of energy saving; and the system further comprises a renewable energy resource heat exchange deviceso as to realize high-efficiency mutual conversion among solar energy, a geothermal (cold) source and air energy and continuous recycling.