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In view of the efficiency of the energy utilization, a hybrid heat pump system with cogeneration of boiling and chilled drinking water with R245fa as working fluid was proposed. The system could produce the boiling and chilled drinking water at the same time. In this paper, the thermodynamic model of the system was established. The effect of different factors on the system performance coefficient and thermal perfection was discussed. Comparative analysis of the energy consumption and economy between the novel system and traditional boiling water heater proved the feasibility of system application by the theoretical method. The result indicates that under the standard operating conditions, the annual average coefficient of performance (COP) of the heating cycle COPh,ave is 1.79, and the annual average thermal stability ηh,ave is 42.8%. The annual average COP of the cooling cycle COPc,ave is 4.92, and the annual average thermal stability ηh,ave c,ave is 37.0%. When the water inlet temperature of the cold water tank is 50 °C, compared with the electric boiling water heater, the annual energy saving efficiency of the novel system is 66.32%. [ABSTRACT FROM AUTHOR]