A waste heat recovery system with an integrated hydrocarbon adsorber for a vehicle having an internal combustion engine that generates exhaust gas containing hydrocarbons, and a catalytic converter, includes an exhaust gas conduit, an exhaust gas heat exchanger, a heat exchanger bypass valve, a coolant circuit with a coolant bypass and a coolant bypass valve, and a controller. The exhaust gas heat exchanger includes at least one channel through which the exhaust gas is flowable, the channel having an interior surface coated with a hydrocarbon adsorbing material configured to adsorb hydrocarbons. The heat exchanger and coolant bypass valves are configured to selectively direct at least a portion of the exhaust gas and the coolant, respectively, to the exhaust gas heat exchanger or to bypass it. They are controlled by the controller such that the hydrocarbons in the exhaust gas are selectively adsorbable by and desorbable from the coating.