The objective of the present invention is to provide a combined heating and hot water boiler, and a control method therefor, the boiler being capable of reducing a temperature deviation of hot water when the hot water is used, and reducing the number of times that a heater is turned on/off, so as to prevent the lifespan of a relay from being shortened. To this end, the combined heating and hot water boiler comprises: a first heat exchanger for generating heated supply water; a second heat exchanger for generating hot water by means of heat exchange between tap water and the supply water supplied from the first heat exchanger; a flowrate regulating valve for regulating the circulation flowrate of the supply water, which circulates by passing through the second heat exchanger, during a hot water mode; and a control unit for calculating a required heat quantity corresponding to a hot water temperature set by a user during the hot water mode, setting a supply heat quantity, supplied from the first heat exchanger, such that the supply heat quantity corresponds to the required heat quantity, and regulating the opening degree of the flowrate regulating valve such that the circulation flowrate corresponds to the required heat quantity during the hot water mode.