A hot water storage type hot water supply system includes a storage battery unit, a heat pump cycle, a water storage tank, a water circulation path, first and second paths, first and second temperature sensors, and a controller. The heat pump cycle circulates a first refrigerant. The first and second paths circulate a second refrigerant. The first and second sensors sense temperatures of the storage battery unit and water stored in the tank, respectively. The controller controls the second refrigerant to flow in the first or the second path when the temperature of the storage battery unit sensed by the first sensor is higher or lower than a first or a second predetermined temperature, respectively. The controller controls to close the first and second paths when the temperature of the storage battery unit sensed by the first sensor is not lower than the second predetermined temperature and not higher than the first predetermined temperature.