The purpose of the present paper is to investigate the effect of outdoor weather conditions on the performance of a heat recovery ventilator. Experiments have been performed by varying outdoor temperature/humidity conditions with the indoor conditions fixed at the standard conditions by KARSE. Results indicate humidity efficiency shows larger uncertainties than temperature efficiency in general. With the heat generation by an internal fan removed, the modified temperature efficiency remains almost constant regardless of the indoor-outdoor temperature difference. The enthalpy efficiency can have very large or negative values in case the outdoor conditions are in the vicinity of the indoor enthalpy line. The direction of heat flow, in such a case, can be opposite to that of moisture flow between two air streams. Discussions are included about various interesting features of the psychrometric processes taking place in a heat recovery ventilator.