The use of renewable energy can alleviate climate warming and environmental pollution. PV/T (photovoltaic/thermal) system has been widely concerned and rapidly developed owing to its capability of generating electric and thermal energy simultaneously. In the article, a PV/T solar assisted heat pump water heater system driven by direct current variable frequency compressor was proposed to meet the growing needs of residents for domestic hot water. This system was tested in different working conditions in Lanzhou, and the startup characteristics and operation performance were evaluated. The results indicate that at the same ambient temperature, low speed is conducive to the continuity of the refrigerant cycle and improves the system performance. In this system, the initial water temperature of the water tank was 23.1 °C and after 2.5 h it reached 53 °C. The average power generation efficiency is 13.64%, the average thermal efficiency is 26.42%, the overall efficiency is 62.69% and the average COP (coefficient of performance) is 4.87. Compared with traditional PV (photovoltaic) modules, the average temperature reduction is 11.2 ℃. With the increase of solar radiation intensity, the electrical power of the system will increase and the electrical efficiency will decrease. The average daily electrical efficiency of PV/T system is 13.64%, which is 6.25% higher than that of uncooled PV panel. In addition, controlling a proper compressor speed is crucial for enhancing system performance. The PV/T collector can remarkably reduce the temperature of PV panel, improve power generation efficiency and comprehensive utilization efficiency of solar energy.