The invention relates to a heat recovery chimney (10) which comprises a flue pipe (11) for connection to a fireplace and a jacket pipe (12) fitted around the flue pipe so that the flue pipe (11) and the jacket pipe (12) delimit an annular water space. The water space is closed by end pieces (16) at both ends in the direction of the length of the chimney (10) to form a closed space. Heat-storing fluid is circulated in the water space and receives heat produced by flue gas directly from the flue pipe (11), from which fluid the heat is arranged to be utilized. A flow channel (13) is fitted inside the water space of the heat recovery chimney (10) and extends substantially from the bottom end of the water space to the top end thereof, to one end of which flow channel an inlet coupling (17) is connected to supply circulation fluid to the flow channel (13). The circulation fluid is discharged through the opposite open end of the flow channel (13) into the water space from which it is utilized through a fluid outlet coupling (18) connected to the jacket pipe (12) at the same end of the water space in the direction of the length of the heat recovery chimney (10) as the inlet coupling (17).