An exhaust system for a small watercraft for effectively reducing exhaust noise and allowing a high output of an engine to be easily obtained at the time of high speed operation. An exhaust outlet of an exhaust pipe extending from an engine provided in a watercraft body is disposed at a position that allows it to sink in the water at the time when a travel speed of the watercraft body is a predetermined speed or less. The exhaust outlet is raised above the water at the time when the travel speed of the watercraft body exceeds the predetermined speed. An open surface of the exhaust outlet is offset toward a side wall surface of a pump chamber from a center of a jet pump in the pump chamber and is made oblique toward the side wall surface toward which the open surface of the exhaust outlet is offset.