The pump power reduction under part-load conditions significantly contributes to the improvement in the efficiency of HVAC systems, and the supply water temperature of a chilled water circuit may affect the heat transfer characteristics of heat-exchangers. In order to analyze the energy-saving effect of both pumps and the heat transfer performance of the terminal units at the same time, an exergy analysis of a chilled water circuit system with four variable-flow control strategies and two supply water temperatures were carried out from the viewpoint of exergy.