This paper presents a conventional air source heat pump cycle (CHPC) and two dual-temperature air source heat pump cycles (DTHPC1 and DTHPC2). DTHPC1 employs two condensers, while DTHPC2 adds an extra compressor and combines the ejectors on top of DTHPC1. Compared with the conventional heat pump cycle, the new dual-temperature heat pump DTHPC2 can provide hot water at one additional temperature and still have high performance. In this paper, the refrigerants R1234yf and R1234ze(E) were selected as suitable for the cycle conditions. The cycle performance under different conditions was simulated and compared based on energy analysis methods and exergy analysis methods. The main performance parameters included COPh, ηex, etc. The results demonstrate that the COPh and ηex of DTHPC2 and DTHPC1 are greater than those of CHPC under identical conditions. Specifically, at an ambient temperature of approximately -10 °C, high-temperature hot water of approximately 65 °C, and low-temperature hot water of approximately 35 °C, the COPh of DTHPC2 and DTHPC1 increased by 45% and 32.7%, respectively, in comparison to CHPC. Similarly, the ηex of DTHPC2 and DTHPC1 increased by 27.1% and 28.9%, respectively.