In this study, the heat flow characteristics of wave heat exchanger was investigated by being applied to the white smoke reduction system. Through numerical analysis, the heat transfer and flow characteristics of the wave heat exchanger with the change of inlet condition of air-side and water-side were analyzed. To investigate the temperature, the absolute humidity, heat transfer rate, pressure drop and turbulence characteristics of the wave heat exchanger, the simulation analysis was conducted by using the commercial computational fluid dynamics software (Solidworks Flow Simulation) under uniform flow conditions. As the inflow rate of air decreased and the inflow temperature of water increased, the heat transfer coefficient of the wave heat exchanger decreased. When the experimental conditions of water-side were the same, the air outlet temperature and absolute humidity of the wave heat exchanger increased with increasing inflow rate of air. To reduce the white smoke, the air outlet temperature and absolute humidity of the wave heat exchanger must be reduced. Therefore, the lower the air velocity and the water inflow temperature into the wave heat exchanger, the more effective it is.