An outboard motor includes an engine, a cooling water passage, a pump that is driven in conjunction with the engine, an inlet water passage that branches from the cooling water passage, an oil cooler, an outlet water passage, a first thermostat located in the cooling water passage, and a second thermostat. The pump takes outside water into the cooling water passage. The oil cooler includes a water-storing space into which water in the inlet water passage is taken. The outlet water passage is connected to an outlet of the oil cooler. The first thermostat increases and decreases the flow rate of water flowing through the engine. The second thermostat is located at the outlet or at the outlet water passage, and increases and decreases the flow rate of water flowing through the outlet water passage.