We consider the heat kernel for higher-derivative and nonlocal operators in ddimensional Euclidean space-time and its asymptotic behavior. As a building block for operators of such type, we consider the heat kernel of the minimal operator generic power of the Laplacian and show that it is given by the expression essentially different from the conventional exponential WKB ansatz. Rather it is represented by the generalized exponential function (GEF) directly related to what is known in mathematics as the Fox-Wright Ψ -functions and Fox H-functions. The structure of its essential singularity in the proper time parameter is different from that of the usual exponential ansatz, which invalidated previous attempts to directly generalize the Schwinger-DeWitt heat kernel technique to higher-derivative operators. In particular, contrary to the conventional exponential decay of the heat kernel in space, we show the oscillatory behavior of GEF for higher-derivative operators. We give several integral representations for the generalized exponential function, find its asymptotics and semiclassical expansion, which turns out to be essentially different for local operators and nonlocal operators of non-integer order. Finally, we briefly discuss further applications of the GEF technique to generic higher-derivative and pseudo-differential operators in curved space-time, which might be critically important for applications of Hoȓava-Lifshitz and other UV renormalizable quantum gravity models.