An outboard motor body case supported on a swivel shaft through a connecting member. The swivel shaft is vertically swingable about a tilting shaft. An engine is mounted at an upper portion of the outboard motor body case, with a crankshaft thereof being oriented vertically, and a flywheel is mounted at a lower end of the crankshaft and disposed between an engine block and the connecting member. A dynamo is mounted within the flywheel, and a starter motor is engaged with a ring gear which is formed around an outer periphery of the flywheel. Thus, since the flywheel having a large weight is mounted at the lower end of the crankshaft, the position of the center of gravity of the outboard motor is lowered. Therefore, it is possible to easily perform a tilting-up about the tilting shaft with a small force. Moreover, since the flywheel is mounted on a power taking-off side of the crankshaft, the torsional vibration of the crankshaft can be reduced.