An exhausted heat recovery system for a small gas engine cogeneration plant was investigated. The system was designed and built in a 300 kW class cogeneration demonstrative system. The basic performance was tested depending on load variation, and installed to a field site as a bottoming heat and power supply system. The exhaust gas heat exchangers (EGHXs) in shell-and-tube type and shell-and-plate type were tested. The entire efficiency of the cogeneration system was estimated between 85 to 90% under the 100% load condition, of which trend appears higher in summer due to the less thermal loss than in winter. Power generation efficiency and thermal efficiency was measured in a range of 31~33% and 54~57%, respectively.