A heat exchanger includes a heat transfer tube configured to guide a refrigerant, and a plurality of fins each having a through-hole through which the heat transfer tube is vertically installed, the plurality of fins being spaced apart from each other to allow air to pass in a first direction. Each of the plurality of fins includes a corrugated portion formed in a zigzag shape in the first direction, a sheet portion surrounding the through-hole and a connecting portion connecting the sheet portion and the corrugated portion, wherein an inclined contact point, which is the highest position of the connecting portion and the corrugated portion, is located lower than a valley portion contact point, which is the lowest position of the connecting portion and the corrugated portion, in a second direction perpendicular to the first direction.