The cooling performance of a heat pump system in which air-cooled and water-cooled condensers were arranged in a series or in parallel was studied experimentally and analytically. The capacity of the compressor was 250 W and R22 was used as the refrigerant. The COP of the heat pump with the dual heat sources arranged in a series became greater than each COP of the heat pump with a single heat source of air or water under the conditions that the temperature of each heat source at the condenser was less than the condensation temperature at the other condenser when it was used alone in the heat pump. Under these conditions, the predicted results agreed well with the experimental results.