Abstract: The present invention provides an exhaust gas discharge system for a watercraft. The system has a first discharge path, including a first outlet, primarily for use during high speed vessel operation and a second discharge path, including a second outlet, for use during both low and high speed vessel operation. The first outlet is arranged to constantly remain below a water surface level of a body of water within which the watercraft is operated, while the second outlet is arranged to locate above the water level surface during high speed vessel operation and to locate below the body of water, at a level higher than the first outlet, during idle and low speed vessel operation. Additionally, the second discharge path has an exhaust flow sectional area of a size at least as large as the exhaust flow sectional area of the first discharge path. The system is capable of discharging exhaust gases in a smooth, efficient manner, and is comprised of a relatively simple structure.