Approximate nearest neighbor search (ANNS) has emerged as a crucial component of database and AI infrastructure. Ever-increasing vector datasets pose significant challenges in terms of performance, cost, and accuracy for ANNS services. None of modern ANNS systems can address these issues simultaneously. We present FusionANNS, a high-throughput, low-latency, cost-efficient, and high-accuracy ANNS system for billion-scale datasets using SSDs and only one entry-level GPU. The key idea of FusionANNS lies in CPU/GPU collaborative filtering and re-ranking mechanisms, which significantly reduce I/O operations across CPUs, GPU, and SSDs to break through the I/O performance bottleneck. Specifically, we propose three novel designs: (1) multi-tiered indexing to avoid data swapping between CPUs and GPU, (2) heuristic re-ranking to eliminate unnecessary I/Os and computations while guaranteeing high accuracy, and (3) redundant-aware I/O deduplication to further improve I/O efficiency. We implement FusionANNS and compare it with the state-of-the-art SSD-based ANNS system -- SPANN and GPU-accelerated in-memory ANNS system -- RUMMY. Experimental results show that FusionANNS achieves 1) 9.4-13.1X higher query per second (QPS) and 5.7-8.8X higher cost efficiency compared with SPANN; 2) and 2-4.9X higher QPS and 2.3-6.8X higher cost efficiency compared with RUMMY, while guaranteeing low latency and high accuracy.