A refrigeration apparatus includes a multi-stage compression mechanism, heat source-side and usage side heat exchangers each operable as a radiator/evaporator, a switching mechanism switchable between cooling and heating operation states, a second-stage injection tube, an intermediate heat exchanger and an intermediate heat exchanger bypass tube. The intermediate heat exchanger bypass tube ensures that refrigerant discharged from the first-stage compression element and drawn into the second-stage compression element is not cooled by the intermediate heat exchanger during a heating operation. Injection rate optimization controls a flow rate of refrigerant returned to the second-stage compression element through the second-stage injection tube so that an injection ratio is greater during the heating operation than during a cooling operation. The injection ratio is a ratio of flow rate of the refrigerant returned to the second-stage compression element through the second-stage injection tube relative to flow rate of the refrigerant discharged from the compression mechanism.