Heat exchange system and air conditioner

The utility model relates to the technical field of air conditioners, and discloses a heat exchange system which comprises a circulation loop provided with a compressor, an outdoor heat exchanger, a first one-way valve, an ejector, a first heat exchanger, a second one-way valve and a liquid storage tank in sequence. The first one-way valve and the second one-way valve limit refrigerants from flowing to the liquid storage tank from the outdoor heat exchanger. The first flow path is sequentially provided with a control valve communicated with a negative pressure inlet of the ejector, a second heat exchanger and a first throttling valve communicated with the liquid storage tank; the liquid inlet end of the third one-way valve is connected to a first flow path between the control valve and the second heat exchanger, and the liquid outlet end of the third one-way valve is connected to a circulation loop between the first heat exchanger and the second one-way valve; the first end of the second flow path communicate