To obtain an air-conditioning apparatus that does not make a refrigerant circulate up to an indoor unit and further can achieve energy-saving. A refrigeration cycle is configured by connecting a compressor that pressurizes a refrigerant, a four-way valve that switches a circulation path of the refrigerant, a heat source side heat exchanger that performs heat exchange, expansion valves for pressure-adjusting the refrigerant, and a plurality of intermediate heat exchangers that performs heat exchange between the refrigerant and the heat medium to heat and cool the heat medium, with piping. A heat medium circuit is configured by connecting intermediate heat exchangers, pumps that pressurize the heat medium, and a plurality of use side heat exchangers that perform heat exchange between the heat medium and the air in the indoor space, with piping.