A heat transferring engine valve for an internal combustion engine to increase the combustion efficiency and fuel economy of the engine. The heat transferring valve includes a valve head and a heat transferring member situated at the combustion surface of the valve head and extending toward the combustion chamber. The heat transferring member absorbs heat of combustion during the power stroke of an engine cycle and releases the heat into the combustion chamber during the compression stroke of a succeeding engine cycle, thereby raising the temperature of fuel at the start of combustion. A method for increasing the efficiency of combustion in an internal combustion engine by incorporating at least one heat transferring valve into the engine.