Performance of heat exchanger was evaluated to heat exchanger using oscillating heat pipe for waste heat recovery of low temperature. Oscillating heat pipe used in this study was formed to the closed loop of serpentine shapes using copper tubes. Heat exchanger was formed to shell and tube type and composed of low finned tube. R-22 and R-141b were used to the working fluids of tube side and their charging ratio was 40%. And, water was used to the working fluid of shell side. As the experimental parameters, the inlet temperature difference of heating and cooling part of secondary fluid and the mass velocity of secondary fluid were used. The mass velocity of secondary fluid was changed from 90 kg/$m^2s; to;190 kg/m^2$s from the experimental results, heat recovery rate was linearly increased to the increment of the mass velocity of secondary fluid and the inlet temperature difference of secondary fluid. Finally, the performance of heat exchanger was evaluated by using $varepsilon$-NTU method. It was found that NTU was about 1.5 when effectiveness was decided to 80%.