An air conditioning apparatus includes an outdoor device that is configured to circulate refrigerant and that includes a compressor and an outdoor heat exchanger, a plurality of indoor devices configured to circulate water, and a heat exchange device that connects the outdoor device with the indoor device. The heat exchange device includes a heat exchanger configured to exchange heat between the refrigerant and the water, and a switch device configured to control flow of refrigerant between the indoor device and the heat exchanger.