A heat exchanger may include a plurality of refrigerant tubes through which a refrigerant flows and a plurality of fins disposed between adjacent refrigerant tubes of the plurality of refrigerant tubes to transfer heat. Each of the plurality of fins may include an inner portion located to overlap the plurality of refrigerant tubes in a vertical direction, and an outer portion located so as not to overlap the plurality of refrigerant tubes in the vertical direction, and a lower end of at least a portion of the outer portion may be located higher than a lower end of the inner portion.