A thermal management system includes a refrigerant flow path, a coolant liquid flow path, a first heat exchanger and a second heat exchanger. The refrigerant flow path includes a compressor, a first indoor heat exchanger, a first flow regulation device, and a second flow regulation device. The coolant liquid flow path includes a first heat exchange assembly and a heater. The first heat exchanger includes a first heat exchange portion and a second heat exchange portion. The second heat exchanger includes a third heat exchange portion and a fourth heat exchange portion. The thermal management system has a first heating mode and a second heating mode. The thermal management system provides thermal energy required for heating by at least one of the following selectable processes: heating of the heater, and generating excess heat during operation of the first heat exchange assembly.