The invention relates to the field of household appliances, and discloses a water dispenser. The water dispenser comprises a water supply module, a heat exchange module, a heating device and a cold boiled water outlet, wherein the heat exchange device comprises a heat exchange part, a first heat exchange tube and a second heat exchange tube; the water supply module is used for supplying water to the first heat exchange tube; the heat exchange part is used for preheating a water flow in the first heat exchange tube; the heating device is used for heating the preheated water flow, and the waterflow heated by the heating device is output to the second heat exchange tube; the heat exchange part is also used for cooling the water flow in the second heat exchange tube; and the cold boiled wateroutlet is communicating with the second heat exchange tube. The water provided by the water supply module firstly enters the first heat exchange tube of the heat exchange device, is preheated by theheat exchange part, and then is heated by the heating device, so that the effect of sterilization and disinfection is achieved; the heated water flow further passes through the second heat exchange tube, and is cooled by the heat exchange part, and thus cold boiled water is output from the cold boiled water outlet for users to drink.