Abstract: A plate heat exchanger with a condensed fluid separating function, which includes a reheater having plural laminated wrinkled plates and introduction and discharge holes connected to different compressed air channels therein; a chiller having plural laminated wrinkled plates, working fluid inlet and outlet holes connected to a working fluid channel therein, and compressed air channels formed therein; and a wall-shaped pipe configured for partitioning the reheater and the chiller with providing a flow line to communicate a compressed air with he reheater and the chiller. An adiabatic expansion chamber is formed in a lower portion of the chiller on a flow line for the compressed air cooled in the chiller to move toward the reheater. A condensation chamber is formed in a lower portion of the reheater connected to the adiabatic expansion chamber. A condensation mesh sieve and a drainage hole are formed in the condensation hole.