Thermal management system and vehicle

The invention relates to a thermal management system and a vehicle, and belongs to the technical field of vehicle thermal management. The battery water path, the first heat exchanger and the second heat exchanger are connected to form a liquid flowing loop; the first heat exchanger transfers heat to the battery water path after heat exchange; the second heat exchanger transfers cold energy to the battery water path after heat exchange; the battery water way is used for heating or cooling a power battery of the vehicle. Thus, the heating and refrigerating working modes of the battery pack are independently controlled through the first heat exchanger and the second heat exchanger, the response speed and accuracy of thermal management are improved, and the thermal management system is easier and more convenient to control heating or refrigerating of the battery pack; the problem of complex regulation and control possibly caused by the fact that a single heat exchanger needs to give consideration to heating and cooling functions at the same time is solved.