A thermal management system for a motor vehicle includes a heating circuit with an interior compartment heat exchanger; a refrigeration circuit with a compressor; a condenser which is arranged in the heating circuit and in the refrigeration circuit, wherein the heating circuit and the refrigeration circuit are fluidically separated from one another in the condenser; and a chiller, which is arranged in the heating circuit and in the refrigeration circuit. The heating circuit and the refrigeration circuit are fluidically separated from one another in the chiller. In a heating mode, the interior compartment heat exchanger, the chiller and the condenser are connected in series in the heating circuit.