The chemical heat pump based on the Dehydration/Hydration process with a MgO/$H_2O$ system has been researched. The reactor bed could be expected to store the heat around 200∼37$0^{circ}C$ by the dehydration reaction and to release the heat around 100∼16$0^{circ}C$ by the hydration reaction under the heat amplification mode operation. The heat output rate of the heat pump system was evaluated using the experimentally determined parameters. The results show that 6∼50 W/kg of heat output and 0.5∼0.8 of heat recovery ratio are attainable. The heat pump will be applicable for a load leveling in a co-generation system by chemical storage of surplus heat at low heat demand and by supplying heat in the peak load period.