Abstract A new microchannel heat exchanger with N‐structure is proposed to balance the heat transfer performance and pressure drop. A straight channel section equal to the wavelength of the continuous wave microchannel is added to create an N‐structure microchannel. The relationship between different N‐structures of the microchannel and the heat transfer performance as well as the structural influence of the N‐structure on heat transfer characteristics are investigated. The performance of the microchannel is affected by the arrangement of wave channel sections in the N‐structure. The symmetrical N‐structure has the best heat transfer effect. The pressure drop between the inlet and outlet of the cold side is mainly influenced by the structure of the microchannel. A superior transfer performance is associated with the pressure drop.