A water purification and dispensing system comprising a closed water recirculation loop, the water recirculation loop including a water inlet for introducing water to be purified; pumping means for pumping water through said water recirculation loop in a flow direction; water purification means for purifying water downstream of said water inlet; a dispensing portion of said water recirculation loop, wherein one or more outlet(s) for purified water are branched from said dispensing portion of said water recirculation loop downstream of said water purification means; a first valve arranged between each outlet and said dispensing portion of said water recirculation loop, for controlled dispensing of the purified water from said dispensing portion of said recirculation loop through the respective outlet; a second valve arranged in said dispensing portion of said water recirculation loop downstream of the position where the one or more outlet(s) for purified water are branched from said dispensing portion and upstream of said pumping means; a bypass passage branched from said water recirculation loop downstream of said water purification means, bypassing said dispensing portion of said water recirculation loop, and reconnected to said water recirculation loop downstream of said second valve; a third valve arranged in said bypass passage for controlling the flow rate through said bypass passage; and a fourth valve arranged in said water recirculation loop for controlling the flow rate into said dispensing portion of said water recirculation loop, wherein said third valve and said fourth valve are integrated in the form of a three-way valve arranged to simultaneously control the flow rate through said bypass passage and the flow rate into said dispensing portion of said water recirculation loop. a water inlet for introducing water to be purified; pumping means for pumping water through said water recirculation loop in a flow direction; water purification means for purifying water downstream of said water inlet; a dispensing portion of said water recirculation loop, wherein one or more outlet(s) for purified water are branched from said dispensing portion of said water recirculation loop downstream of said water purification means; a first valve arranged between each outlet and said dispensing portion of said water recirculation loop, for controlled dispensing of the purified water from said dispensing portion of said recirculation loop through the respective outlet; a second valve arranged in said dispensing portion of said water recirculation loop downstream of the position where the one or more outlet(s) for purified water are branched from said dispensing portion and upstream of said pumping means; a bypass passage branched from said water recirculation loop downstream of said water purification means, bypassing said dispensing portion of said water recirculation loop, and reconnected to said water recirculation loop downstream of said second valve; a third valve arranged in said bypass passage for controlling the flow rate through said bypass passage; and a fourth valve arranged in said water recirculation loop for controlling the flow rate into said dispensing portion of said water recirculation loop, wherein said third valve and said fourth valve are integrated in the form of a three-way valve arranged to simultaneously control the flow rate through said bypass passage and the flow rate into said dispensing portion of said water recirculation loop.