A vertical-type air-cooled OHV engine includes a valve operating system and has a shroud guiding cooling air, which is generated by a cooling fan driven by a crankshaft such that the cooling air flows in an up-down direction with respect to a cylinder head. Intake and exhaust valves are arranged respectively on opposite sides of a vertical plane that is parallel to an axis of the crankshaft and that includes an axis of a cylinder bore. Accordingly, it is possible to provide a vertical-type air-cooled OHV engine capable of evenly cooling both of intake and exhaust valves without changing a route of cooling air.