An exhaust heat recovery system may include a muffler including a muffler case, a pipe through which exhaust gas flows, a baffle partitioning an internal space of the muffler case into a first space and a second space, and a valve mounted on an end portion of the pipe to change a direction in which the exhaust gas flows, and a heat exchanger mounted outside the muffler to fluidically-communicate with both the first and second spaces, allowing the exhaust gas to be introduced thereinto and to be discharged therefrom, the heat exchanger including a cooling channel through which cooling water flows, and heat exchange between the exhaust gas and the cooling water being performed in the heat exchanger.