This study was to test the operation performance of a multifunctional air source heat pump in heating, refrigeration and the water heating mode by building the experimental platform. The heating capacity, refrigerating capacity and COP value of the multifunctional air source heat pump under different operating modes were obtained by experimental method. The existence problems of the multifunctional air source heat pump in the actual operation were found and the improvement direction was put forward. The study results could provide actual reference for the design and application of the multifunctional air source heat pump units.