This study was experimentally investigated NOx and CO emissions characteristics with various equivalence ratios using premixed type of burner installed small heat exchanger. The effectiveness of heat exchanger and the entropy generation number were also calculated. As results, the heat transfer rate increases with increasing equivalence ratio due to increase the flame temperature. According to the emission characteristics and the effectiveness, the optimal operating equivalence ratio is 0.75 in the range of this experiment. Consequently, the area of the heat exchanger should be increased to reduce the entropy generation number and to increase the effectiveness.