Reversing valve and air conditioning system with same

The invention relates to the field of air conditioners, in particular to a reversing valve and an air conditioning system with the same. The reversing valve comprises a valve body, a first connecting pipe and a sliding block assembly, the reversing valve further comprises a drainage structure, the drainage structure comprises a flexible connecting pipe, the flexible connecting pipe is provided with a first end and a second end which are oppositely arranged, the first end is fixedly arranged at a first circulating opening and communicates with the first connecting pipe, and the second end is connected with the sliding block assembly; the sliding block assembly and the sliding block assembly move synchronously. The invention further provides an air conditioning system which comprises the reversing valve. Compared with the prior art, the valve has the beneficial effects that the drainage structure is arranged between the valve body and the sliding block assembly, so that before high-pressure fluid enters the val