PURPOSE: To easily obtain the heat accumulating type heat exchange element with excellent heat resisting property by a method wherein an element with predetermined shape is formed of ceramic fiber paper and heated under oxygen starvation atmosphere in order to remove its organic components by gasification and then impregnated with inorganic reinforcing agent.

CONSTITUTION: A corrugated formed body 9 is formed by passing papers 1 and 2 mainly made of ceramic fiber through forming rollers 4, a pressing roller 6 and a bonding agent coating roller 7b and, after that, taken-up through a coating roller 8b to a core 11 in order to get a formed body 3. Said formed body 3 is heated in the air, in which the oxygen is, for example, 1/3W1/5 times that in the normal air, at a temperature of 400W500°C in order to remove organic substance by gasification. Next, the formed body 3 is immersed in inorganic reinforcing agent such as silica sol or the like in order to be impregnated therewith and then dried. In such a manner as mentioned above, the heat exchange element capable of resisting high temperature is easily obtained out of ceramic fiber paper.