An exhaust pipe including an inner tube for introducing exhaust gas, and an outer tube fitted on the inner tube. Projected portions obtained by radially inwardly projecting plural parts of the inner peripheral surface of the outer tube in the circumferential direction, and extending the same in the tube axis direction, are provided on the inner peripheral surface of the outer tube. A plurality of air chambers partitioned by the projected portions are formed between the outer peripheral surface of the inner tube and the inner peripheral surface of the outer tube, and an intermediate member is provided between the outer peripheral surface of the inner tube and the projected portions. In the exhaust pipe a sufficient noise reduction effect and a prevention effect for reduction of the temperature of an exhaust gas can be obtained even if the exhaust pipe is bent.