In this study, heat and moisture transfer model of an enthalpy exchanger is proposed. With separately measured sorption constant and diffusion coefficient, the model predicts the heat and moisture transfer effectiveness of an enthalpy exchanger. Two sample enthalpy exchangers were tested at a KS condition to verify the model. The model predicts the heat transfer effectiveness within 4%, and the moisture transfer effectiveness within 10%. Pressure drop is predicted within 6%. The spacer fin efficiency for heat transfer was 0.11 to 0.13. The fin efficiency for moisture transfer, however, was negligibly small. For heat transfer, the conduction resistance to total thermal resistance was less than 1%. For moisture transfer, however, membrane resistance was dominant to convective moisture transfer resistance.