A refrigeration dehumidifier with a recuperative heat exchanger is theoretically analyzed. The recuperative heat exchanger is located between the two air streams from and to the dehumidifying coil, and reduces the sensible heat load in dehumidification process. A simple model is developed to predict performance of the dehumidifier. The model predicts that the recuperative heat exchanger is effective especially in the low humidity condition, where the sensible heat load is relatively large. It is predicted that, by adopting a recuperative heat exchanger, a maximum 30~110% increase in COP is possible for indoor air at $27^{circ}C$, and 40~60% relative humidity.