The performance characteristics of heating and cooling operation for a heat pump system using seawater heat source and exhaust energy are presented. The heat pump system is made of a waste heat recovery system and a vapor compression refrigeration system. The working fluid is R-22. The heat pump system COPs are measured during heating and cooling operation modes, and the resultant COPs were 9.7 and 7.9, respectively, which are three times higher than those of the heat pump itself. Therefore, the performance of the heat pump system using exhaust energy is excellent compared to that of a general heat pump. The experimental data can be effectively used for the design of the high efficient heat pump using a seawater heat source.