In view of the issue that the efficiency of the heating furnace is lower than the design efficiency during the actual operation process,based on the test data of the two-in-one heating furnace (a kind of fire tube furnace) in the oil transfer station of Daqing oilfield, according to the first and the second law of thermodynamics, the energy balance analysis and exergy balance analysis of the two-in-one heating furnace are carried out throughout the whole year. The conclusion shows the superiority of the exergy analysis in thermodynamic analysis. And the parameters affecting the efficiency of the heating furnace are analyzed, aiming at the weak links of the energy use in heating furnace, measures and suggestions are proposed from two aspects of reforming the structure of heating furnace or improving the heating furnace for other higher-efficiency equipment, so as to realize the economic operation of the heating furnace.