According to the standards for district heating substation established by Korea District Heating Corporation, water heating supply systems at over 150 Mcal/h capacity must employ the 2-stage heat exchanger that improves the system efficiency by reusing the heat included in the return water of district heating system already used for space heating. In this paper, the operating characteristics of the system in accordance with the load distribution of two heat exchangers for pre-heating and re-heating cold city water are investigated. The results including mass flow rate, return temperature etc. help to manage district heating system economically.