Vehicle thermal management system and vehicle

The invention discloses a vehicle thermal management system and a vehicle, and the vehicle thermal management system comprises a refrigerant loop used for conveying a refrigerant; the cooling liquid loop is used for conveying cooling liquid; the at least one heat exchanger is located on the refrigerant loop and the cooling liquid loop and can achieve heat exchange between the refrigerant loop and the cooling liquid loop; the multi-way valve comprises a plurality of interfaces which are communicated pairwise, the plurality of interfaces are respectively connected to different positions on the cooling liquid loop, so that a plurality of sub-loops are formed in the cooling liquid loop, and the plurality of sub-loops comprise at least one exchange sub-loop; the at least one exchange sub-loop and the refrigerant loop can exchange heat through the heat exchanger on the corresponding loop to form a first heat transfer loop, so that heat on a first element on the first heat transfer loop is transferred to a second el