There has been increased attention on various types of plate heat exchangers because of their high efficiency and compactness. This article presents an investigation of heat transfer and fluid flow performance of a novel plate heat exchanger based on numeric studies and experimental tests. Parameters of the novel plate heat exchanger are analyzed and discussed. The thermo-hydraulic transfer performance of different plate heat exchangers is comprehensively analyzed using the exergy and entransy principle. The results indicate that the novel plate heat exchanger has better thermo-hydraulic transfer performance than the smooth plate heat exchanger. The result of this study provides a paradigm for the optimal design of plate heat exchangers.