The performance of heat exchanger using oscillating heat pipe (OHP) for low temperature waste heat recovery was evaluated. OHP used in this study was made from low finned copper tubes connected by many turns to become the closed loop of serpentine structure. The OHP heat exchanger was formed into shell and tube type. R-22 and R-141b were used as the working fluids of OHP with a fill ratio of 40 vol.%. Water was used as the working fluid of shell side. As the experimental parameters, the inlet temperature difference between heating and cooling water and the mass velocity of water were changed. The mass velocity of water was changed from 30 kg/$m^2$s to 92 kg/$m^2$s. The experimental results showed that the heat recovery rate linearly increased as the mass velocity and the inlet temperature difference of water increased. Finally, the performance of OHP heat exchanger was evaluated by $varepsilon$-NTU method. It was found that the effectiveness would be 80% if NTU were about 1.5.