A heat pump type water heating apparatus is provided that includes a refrigeration cycle circuit having a first refrigerant and water heat exchanger to perform a heat exchange between a first refrigerant and water, and a first refrigerant and second refrigerant heat exchanger to perform a heat exchange between the first refrigerant and a second refrigerant. The heat pump type water heating apparatus may also include a cascade circuit having the first refrigerant and second refrigerant heat exchanger to operate jointly with the refrigeration cycle circuit, the cascade circuit also having a second refrigerant and water heat exchanger to perform a heat exchange between the second refrigerant and water, and a water heating channel connected to the first refrigerant and water heat exchanger and the second refrigerant and water heat exchanger so water passes through the first refrigerant and water heat exchanger and then through the second refrigerant and water heat exchanger.