A numerical analysis of the moving bed heat exchanger of solid particles inside the vertical pipe was performed using finite difference method. Also, the theoretical solutions were obtained for comparison when the wall heat flux or the wall temperature was assumed constant. The comparison showed that their results agreed well each other. The moving bed heat exchanger was classified as countercurrent-flow, parallel-flow, and cross-flow types according to the gas flow direction. For each type, the thermal efficiency of heat exchanger was calculated as a function of non-dimensional parameters such as the characteristic length of heat exchanger, Biot number and the ratio of thermal capacities of gas and solid particles.