Abstract: A heat exchanger with an internal bypass valve wherein the open end of a bypass tube mounted within a heat exchanger tube forms a valve seat for the bypass valve. A valve head mounted on a valve rod is spring loaded against the valve seat in the preferred design. The length of the contact arms on the valve body controls the valve activation pressure. The heat exchanger tubes may be mounted in parallel and the bypass valves may be mounted in the same direction or in opposite directions to permit bidirectional bypass flow.