In this paper, exergy transfer effectiveness is defined to describe the performance of heat exchangers operating above/below the surrounding temperature with/without finite pressure drop. It is discussed systemically that the effects of heat transfer units number, the ratio of the heat capacity of cold fluids to that of hot fluids and flow patterns on exergy transfer effectiveness of heat exchangers. Furthermore, the results of exergy transfer effectiveness with a finite pressure drop are compared with those without pressure drop when different objective media, such as ideal gas and incompressible liquid, etc. are applied. The detailed comparisons of the exergy transfer effectiveness with heat transfer effectiveness are also performed for the parallel flow, counter flow and cross flow heat exchangers operating above/below the surrounding temperature. (C) 2007 Elsevier Ltd. All rights reserved.