We have designed a new type of bubble oxygenator (KOREA-KIM VENOTHERM OXYGENATOR) made of PVC sheet and deforming mesh incorporated in the heat exchanger, and evaluated in experimental animal for the analysis of it`s efficiency. The Oxygenator has low priming volume with high flow rate up to 6 L/rain, and efficiency of heat exchanger was excellent as 1-$1.5^{circ}C.$ using total cardiopulmonary bypass method under moderate to deep hypothermia. Average priming volume of 1317 ml with 30% hemodilution method was perfused with an average of 1.1-3.0 L/min.$M^2$of arterial blood and pure oxygen at a rate of 2-3.4 L/min for 49.6 minutes continuously in average. During total cardiopulmonary bypass, average $PaO_2$ was $159.8{pm}60$mmHg, $PaCO_2$ $41.0{pm}3$mmHg respectively under $SaO_2$ over 96% with systolic arterial pressure of 70 mmHg and CVP of 5-10 cm$H_2O$. Plasma free Hemoglobin was $7.0{pm}4$ mg/dl with 25% drop of hemoglobin and hematocrit at the end of cardiopulmonary bypass. This KKV Oxygenator was observed to have excellent capabillty of oxygen and carbon dioxide gas transfer with small amount of blood trauma, and the efficiency of heat exchanger was satisfactory during cooling and rewarming of the bubbled blood. Disadvantages have included the somewhat poor deforming effect due to loose PVC fiber mesh, the extracompact character of Teflon filters, and the rough inner surface of the heat exchanger copper pipes.