An air-conditioning apparatus includes a plurality of indoor units. Each of the indoor units includes a heat-medium flow adjusting valve and a heat exchanger. The heat-medium flow adjusting valve adjusts the flow rate of a heat medium that flows into the heat-medium flow adjusting valve, and causes the heat medium to flow out of the heat-medium flow adjusting valve. The heat exchanger causes heat exchange to be performed between the heat medium and air. The heat medium flows into the heat exchanger from an inflow side of the heat exchanger. The inflow side of the heat exchanger is connected to an outflow side of the heat-medium flow adjusting valve. The plurality of indoor units are connected in series.