In this paper, we study the effect of cooling dehumidification process and wave heat exchanger on the reduction of white smoke and the efficiency by combination of heat exchanger with numerical analysis method. For this purpose, four types of heat exchange systems combined with 5-stage wave heat exchangers were selected to analyze the heat transfer characteristics of the heat exchange system in the winter condition. As the high temperature exhaust air flowed from HX 1 to HX 5, the final outlet temperatures of the four heat exchange systems(Cases 1, 2, 3 and 4) gradually decreased. The heat transfer rate and dehumidification amount were the best in Case 1 and Case 3, respectively. It can be seen that the heat flow in the heat exchanger is different according to the combination of the four kinds of wave heat exchanger and the fluid flow.