Abstract: A fireplace heating and cooling system is disclosed which heats air in a forced air heating system and heats water for a circulating hot water heating system or for hot tap water when combustion occurs in the fireplace and alternately will cool the air in a central, forced air system by circulating water cooled by a heat sink, through heat exchangers. A water reservoir is mounted on top of a fireplace firebox, having a central passage formed therethrough communicating with the throat of the firebox for absorbing heat from the combustion gases to heat water stored in the reservoir. A valve means selectively connects the water reservoir to a pressurized water supply, with an outlet to a circulating hot water heating system or to hot water taps. An air plenum is formed around the reservoir for circulating air from the ambient, across the reservoir to transfer heat between the water and the air.