An outboard motor has an exhaust pipe assembly extending through a driveshaft housing. The exhaust pipe is separated into an upstream exhaust pipe and a downstream exhaust pipe which are formed separately from each other. The upstream exhaust pipe depends into the driveshaft housing and has a lower end connected to a pipe support member. An upper end of the downstream exhaust pipe connects to the pipe support member in a manner to communicate with the upstream exhaust pipe. The downstream pipe depends through an opening in a bottom wall of the driveshaft housing, and a mount at the lower end of the pipe is connected to the driveshaft housing in order to secure the pipe in place. The upper end of the downstream exhaust pipe is fit into the pipe support member without the use of fasteners. In this configuration, the downstream exhaust pipe can be removed independently of the upstream exhaust pipe, and can be drawn downwardly through the opening during removal. This enables the downstream exhaust pipe to be easily and quickly replaced.