A refrigeration cycle apparatus includes a refrigerant circuit of a refrigeration cycle through which a refrigerant that transits in a supercritical state is allowed to flow, and a flow dividing device that divides the flow of a high-pressure liquid refrigerant in a subcritical state into two or more parts. The flow dividing device is configured such that the device is oriented substantially in the horizontal direction or substantially upward in the vertical direction relative to the direction of flow of the refrigerant in a liquid state. With such a configuration, the flow of refrigerating machine oil is equally divided, thus offering high energy saving while keeping heat-medium conveyance power at a low level without reducing the heat exchanging performance.