A thermal management system having a first mode of operation configured to transfer heat from a first plurality of components of a vehicle in the first fluid flow path and to selectively transfer heat to at least one of a second plurality of components in a second fluid flow path; a second mode of operation configured to transfer heat from the first plurality of components in the first fluid flow path and selectively transfer heat from the second plurality of components in an alternative second fluid flow path; and a third mode of operation configured to transfer heat from both the first plurality and the second plurality of components of the vehicle in a third fluid flow path. A controller is operable to selectively change the mode of operation between the first mode of operation, the second mode of operation and the third mode of operation based on operating conditions of the vehicle.