Disclosed are a heat exchanger and an air conditioner. The heat exchanger comprises a heat exchange pipe group (1), a supercooling pipe group (2), a supercooling bypass pipe (3), a flow-dividing bypass pipe (5), a supercooling one-way valve (4) and a flow-dividing one-way valve (6), wherein the supercooling pipe group (2) is connected in series to the heat exchange pipe group (1); the supercooling pipe group (2) and the heat exchange pipe group (1) constitute a flow path of an impulse-type arrangement structure; the supercooling bypass pipe (3) is arranged in parallel with the supercooling pipe group (2); the supercooling one-way valve (4) is arranged on the supercooling bypass pipe (3); and the flow-dividing one-way valve (6) is arranged on the flow-dividing bypass pipe (5). During a heating operation by the heat exchanger, flow dividing for the heat exchanger is realized by means of the one-way valves, whereby the degree of complexity of a system may be reduced, and the loss of pressure of the system caused by passage through the supercooling pipe group during heating is alleviated, thereby improving the heat exchange efficiency of the system.
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