West Midlands Fire Service (UK) said horse could have been in the water up to his shoulders for up to 90 minutes before it was spotted.
This horse had a lucky escape after it fell into a canal towpath.
The Water Rescue Unit from Perry Barr Station were called at 11.10am on Thursday after a passerby reported a horse in the canal off the Black Country New Road in Darlastan.
Watch commander Nick Halloran said the horse could have been in the water up to his shoulders for up to 90 minutes before it was spotted.
He said: “There was a horse secured by a chain around it’s neck.
“It had enough chain to reach the canal to allow it to drink. We do not know if it jumped in to cool down or slipped in whilst drinking.
The horse’s feet were stuck in mud and the chain had become wrapped round his legs.
Mr Halloran said: “We got the Technical Rescue Team and managed to free his legs.”
The horse, which looked healthy, was walked back to the canal towpath and handed over to the care of the RSPCA after the crew was unable to locate the owner.