In this study, the heat transfer characteristics of pilot wave heat exchanger for white smoke reduction system was investigated. The performance of the wave and honeycomb heat exchanger combined with the first stage, second stage and third stage was tested using a calorimeter. Air and water inlet/outlet temperature and flow rate, pressure drop and dehumidification amount were measured to compare the heat transfer performance according to the type and the combination of heat exchanger. The heat transfer rate and dehumidification amount of the wave heat exchanger were higher than that of the honeycomb heat exchanger, and the pressure drop was low. As the stage increased, the heat transfer rate and the increase of the dehumidification amount were more pronounced, and the pressure drop linearly increased. The wave heat exchanger had a lower flow resistance than the honeycomb heat exchanger with the honeycomb structure and had a higher heat transfer effect due to the convection, so the water outlet temperature was higher in the wave heat exchanger.