In this study, the appearance change and the heat․moisture transfer properties of knitted fabric by yarn shrinkage were examined to obtain useful data on the development of thermo-sensitive functional materials. Eleven types of knitted fabric were knitted using highly bulky acrylic-blended yarn. After shrinking the specimens using dry heat treatment, the appearance change and thickness were measured. An HEC simulator was adopted for measuring the heat․moisture transfer properties of specimens by yarn shrinkage. When holes were arranged vertically in the mesh structure, the specimens with 2,500 and 5,000 holes showed high percent change of hole area, appearance, and thickness. When holes were diagonally arranged in the mesh structure, the percent change of hole area in the specimen with 1,250 holes was larger than the one with 2,500 holes. However, the dimensional stability of the specimen with 2,500 holes was better because of its smaller appearance and thickness change. In the tuck structure, the percent change of hole area in the specimen with 625 and 416 holes was relatively large compared with the appearance and thickness change. Furthermore, the hole size in the tuck structure was smaller than that in the mesh structure but the percent change of hole area was larger. Therefore, it was proved that the tuck structure is more suitable than the mesh structure for developing thermo-sensitive functional materials. Heat․moisture transfer property test verified that the change of hole area by yarn shrinkage enabled obtaining the thermal effect due to the distinct temperature difference in the inner layer.