In　many　industrial　drying　processes,　water　is　evaporated　in　the　drying　section　by　a　large　volume　of　fresh　air　supply,　which　contains　a　large　amount　of　sensible　and　latent　heat.　Recovering　heat　and　water　from　the　dryer　exhaust　is　a　potential　way　to　realize　energy　and　water　conservation　in　drying　systems.　In　this　paper,　the　experimental　and　theoretical　investigations　of　the　waste　heat　and　water　recovery　characteristics　of　heat　exchangers　for　dryer　exhaust　are　presented.　A　hot　air　and　water　vapor　mixture　was　used　to　simulate　dryer　exhaust.　Convection-condensation　heat　transfer　and　water　recovery　characteristics　were　first　obtained　under　various　water　vapor　mass　fractions,　flow　velocities,　and　humid　air　inlet　temperatures　through　experiments,　which　revealed　that　the　convection-condensation　heat　transfer　coefficient　increased　with　the　increase　in　water　vapor　mass　fraction　and　humid　air　velocity,　and　decreased　with　the　increase　in　inlet　temperature.　The　condensed　water　rate　increased　with　the　increase　in　water　vapor　mass　fraction　and　humid　air　velocity,　while　inlet　temperature　had　almost　no　effect　on　it.　The　condensing　ratio　decreased　with　the　increase　in　water　vapor　mass　fraction　and　humid　air　velocity,　while　improving　the　inlet　temperature　slightly　reduced　it.　Then,　a　theoretical　calculation　model　was　developed　to　predict　the　heat　and　water　recovery　characteristics　of　heat　exchangers　under　a　wide　working　condition.　In　this　model,　the　pipe　and　suction　effects　caused　by　condensation　on　the　tube　wall　were　considered.　The　properties　of　humid　air　were　changed　according　to　the　temperature　and　vapor　content　instead　of　regarding　them　as　constant　values.　The　calculation　results　were　compared　with　the　present　experimental　data　and　those　of　previous　studies.　The　good　prediction　accuracy　and　the　universality　of　the　present　model　were　verified.　This　study　is　of　great　significance　to　the　design　of　heat　exchangers.