A ventilating fan, includes a frame provided with an opening, a fan disposed in the frame, a panel covering the opening of the frame and allowing air passing through and a lighting device disposed in the panel. The lighting device includes a lampshade, in which a lighting part is placed, and a circuitry box of a controller for controlling the lighting part. A gap is formed in a connection between the circuitry box and the panel such that a water discharge structure communicated with outside of the circuitry box is formed. Advantages of the present invention includes that a gap communicated with outside of the circuitry box is provided in a connection between the circuitry box and the panel, which allows water to be discharged through the gap from inside of the panel, even water would enter into inside of the circuitry box, thus safety operation of the product is ensured.