A refrigeration cycle apparatus simultaneously performs a cooling operation mode in which a refrigerant from a compressor is caused to flow to an indoor heat exchanger of an indoor unit having a cooling load, and a hot water supply operation mode in which a refrigerant from the compressor is caused to flow to a water heat exchanger of a hot water supply unit having a hot water supply demand. An operation control part switches the control mode of the simultaneous cooling and heating and hot water supply operation mode between a cooling-prioritized mode and a hot-water-supply-prioritized mode according to the relationship between the cooling load and the hot water supply load.