Disclosed are a heat exchanger and an air conditioner including heat transfer tubes configured to guide a refrigerant, and a plurality of fins installed through which the heat transfer tubes penetrate and arranged to be spaced apart from each other in a second direction perpendicular to a first direction such that air passes through the fins in the first direction, wherein the plurality of fins each includes a plurality of inclined portions connected to each other in a zigzag form and inclined with respect to the first direction, and a plurality of louvers formed by being bent to form an angle with the inclined portions after portions of the plurality of inclined portions are cut, wherein a width of each of the plurality of louvers in the first direction after being bent is equal to or less than a width of the louvers in the first direction before being bent.