The numerical study on R404A heat pump system with two-phase ejector and thermobank were presented in this paper. An adjustable liqid-gas ejector base on a two-phase flow simulation model was designed by Solidworks and CFD sorfware. Both throat diameter (Dnt) and position (Dnm) of nozzle were studied under the given conditions. The experiment results showed that Dnt of 1mm and Dnm of 6mm yielded the best ejector efficiency and energy efficiency ratio. Nozzle with different Dnt and the adjustable ejector were also studied under different conditions. During the refrigeration cycle operation, the heat storage equipment acts as a pre-condenser and stores a portion of refrigerant heat rejection in the thermobank. It was very useful for the future application of ejector and thermobank in the system.