This paper presents a comprehensive exergy analysis of three circuits and whole system of a ground-source heat pump (GSHP) for both building heating and cooling modes. The purpose is to search out the key potential energy saving components. The analytical formulae of exergy loss, exergy efficiency, exergy loss ratio, exergy loss coefficient and thermodynamic perfect degree are derived, respectively. The results show that these exergy indexes should be used integratively, and in the whole system the location of maximum exergy loss ratio is the compressor, while the location of minimum exergy efficiency and thermodynamic perfect degree is the ground heat exchanger, so that the compressor and the ground heat exchanger should be primarily improved. The results also indicate that the exergy loss of a GSHP system for building heating mode is bigger than that of cooling mode, and the exergy efficiency of a whole GSHP system is obviously lower than those of its components for both building heating and cooling modes. Therefore, a comprehensive exergy analysis of a GSHP should be paid more attention to. The results may provide guidelines for the design and optimization of GSHP systems. (C) 2009 Elsevier Ltd. All rights reserved.