In this study, effects of reducing white smoke at a heat exchange system for white smoke reduction were studied in the winter season. For this purpose, the heat transfer processes on the exhaust air were investigated by Solidworks. Five wave heat exchangers of air-to-air and air-to-water type were applied for the exhaust air heat recovery. The analytical condition of the exhaust air was fixed and the computational analysis was performed according to the change of SA(supply air) inlet velocities. In order to evaluate the performance of the heat exchange system for white smoke reduction, W(water)/SA recovered capacities and the temperature/ absolute humidity reduction rate were calculated. As SA inlet velocity increased, the exit temperature and absolute humidity of the mixing zone were reduced by up to about 40℃ and 0.12kg/kg respectively. Also, W/SA recovered capacities increased linearly up to about 35%.