In a water heater provided with an inlet pipe a downstream end of which is connected with an upstream end of a water heating channel of a heat exchanger for producing hot water, an outlet pipe an upstream end of which is connected with a downstream end of the water heating channel, and a bypass pipe branching at a part of the inlet pipe, which is positioned at an upstream-end part away from an upstream end, and is connected with a part of the outlet pipe, which is positioned at a more downstream part than at an upstream end, a connecting part of the bypass pipe with the outlet pipe and another connecting part of an inlet pipe and the upstream end of the water heating channel are arranged at a same height in a setting state of the water heater.