A vehicle thermal management system, may include an HVAC subsystem including a first compressor and a first refrigeration cycle including a first refrigerant loop fluidly connected to the first compressor; a battery cooling subsystem including a battery coolant loop fluidly connected to a battery pack; a powertrain cooling subsystem including a powertrain coolant loop fluidly connected to a powertrain component; a second refrigeration cycle including a second compressor, a condenser located on the downstream side of the second compressor, and a second refrigerant loop fluidly connected to the condenser; a refrigerant chiller mounted between the first refrigeration cycle and the second refrigeration cycle and configured to transfer heat between the first refrigeration cycle and the second refrigeration cycle; and a battery chiller mounted between the second refrigeration cycle and the battery coolant loop and configured to transfer heat between the second refrigeration cycle and the battery coolant loop. The condenser of the second refrigeration cycle is thermally connected to at least one of the battery coolant loop and the powertrain coolant loop.