A heat exchanger module includes a condenser for condensing a refrigerant, a modulator, a sub-cooler for cooling liquid refrigerant supplied from the modulator, and a heat exchanger for cooling a fluid different from the refrigerant. The condenser, the sub-cooler and the heat exchanger are arranged in an arrangement direction substantially perpendicular to an air flow direction. Further, the modulator is disposed to extend in the arrangement direction. In the heat exchanger module, the modulator has a dimension that is larger than the sum of a dimension of the condenser and a dimension of the sub-cooler, and is not larger than the sum of the dimension of the condenser, the dimension of the sub-cooler and a dimension of the heat exchanger, in the arrangement direction. Accordingly, a capacity of the modulator can be effectively increased without increasing a largest outer side of the heat exchanger module.