Reversible heat pumps are increasingly adopted for meeting the demand for space heating and cooling in buildings. These technologies will play a key role not only in the decarbonization of space air conditioning but also in the development of 100% renewable energy systems. However, to assess the achievable benefits through the adoption of these technologies in novel applications, reliable models are needed, capable of simulating both their steady-state operation and dynamic response at different conditions in terms of heating loads, outdoor temperatures, and so on. The operation of heat pumps is often investigated by highly simplified models, using performance data drawn from catalogs and paying scarce attention to the critical influence of controllers. In this respect, this paper proposed an integrated thermodynamic and control modeling for a reversible air-to-water heat pump. The study considered a heat pump alternatively equipped with variable-speed compressors and constant-speed compressors with sequential control. The developed modeling was then used to investigate the operation of an air-to-water heat pump serving an office building in Italy. Results show that the model provided insights into the transient operation of variable-speed heat pumps (e.g., the settling time). Regarding constant-speed heat pumps, the model provided hints of interest to the control engineer to prevent, in the examined case study, the risk of quick compressors cycling on low-load heating days or when low-temperature heating devices are supplied. Finally, using a control strategy based on a heating curve for the variable-speed heat pump, results show the potential for a sensible increase in the average coefficient of performance, from 17% up to 50%.