Ceramic membrane condensers that are used for water and waste heat recovery from flue gas have the dual effects of saving water resources and improving energy efficiency. However, most ceramic membrane condensers use water as the cooling medium, which can obtain a higher water recovery flux, but the waste heat temperature is lower, which is difficult to use. This paper proposes to use the secondary boiler air as the cooling medium, build a ceramic membrane condenser with negative pressure air to recover water and waste heat from the flue gas, and analyze the transfer characteristics of flue gas water and waste heat in the membrane condenser. Based on the experimental results, it is technically feasible for the ceramic membrane condenser to use negative pressure air as the cooling medium. The flue gas temperature has the most obvious influence on the water and heat transfer characteristics. The waste heat recovery is dominated by latent heat of water vapor, accounting for 80% or above. The negative pressure air outlet temperature of the ceramic membrane condenser can reach 50.5 °C, and it is in a supersaturated state. The research content of this article provides a new idea for the water and waste heat recovery from flue gas.