Disclosed is a hot water supply system provided with a tank which holds a high-temperature liquid, and a heating means for generating the high-temperature liquid which is stored in the aforementioned tank. In the lower portion of the aforementioned tank is provided a water-heating heat exchanger which heats the water to be supplied to a hot water terminal by means of the liquid present in the lower portion of the aforementioned tank. Further, a hot water supply circuit is provided which conducts water to the aforementioned hot water supply terminal. The aforementioned hot water supply circuit splits into a water-heating path passing through the aforementioned water-heating heat exchanger, and a bypass path bypassing the aforementioned water-heating heat exchanger, and is provided with a hot water supply circuit control mechanism which controls the circulation state of the water in the aforementioned water-heating path and the aforementioned bypass path.