A refrigerant filter/dryer assembly isolates, removes, and replaces a filter/dryer core, and allows the vapor-compression heat pump system to continue to operate while the filter/dryer is being replaced. The refrigerant flow is automatically by-passed and the filter/dryer core is isolated for removal. The filter/dryer easily connects back into the refrigerant flow path. An indicator can be provided for indicating the remaining useful life of the filter/dryer while it is being used in the system.