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Increasingly strict emission regulations and unfavorable economic climate bring severe challenges to the energy conservation of marine low-speed engine. Besides traditional methods, the energy and exergy analysis could acknowledge the losses of fuel from a global perspective to further improve the engine efficiency. Therefore, the energy and exergy analysis is conducted for a marine low-speed engine based on the experimental data. Energy analysis shows the exhaust gas occupies the largest proportion of all fuel energy waste, and it rises with the increment of engine load. The heat transfer consumes the second largest proportion, while it is negatively correlated to engine load. The energy analysis indicates that the most effective way to improve the engine efficiency is to reduce the energy wasted by exhaust gas and heat transfer. However, the latter exergy analysis demonstrates that there are other effective approaches to improve the engine efficiency.