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Vehicle exhaust waste-heat recovery with thermoelectric power generators can improve energy efficiency, as well as vehicle fuel economy. In the conventional structure, the hot-end of thermoelectric module is directly connected with the outer wall of the exhaust pipe, while the cold-end is connected with the water pipe’s outer wall of the vehicle engine cooling cycle. However, the variety of vehicle engine operating conditions leads to the instability of the hot-end temperature, which will reduce the generating efficiency of the thermoelectric modules and also shorten its service life. This research is on the basis of constructing a heat transfer oil circulation, and to study the action principles and implementation methods of it.