Heat exchanger is an important equipment used in process industries for cooling and heating purposes. Its design configuration which involves the flow of cold and hot fluids within the exchanger subjects it to corrosion attack. The article utilized the principle of mass and energy conservation in the development of weight and temperature models to study the effect of corrosion on mild steel coupon inside the exchanger containing water and Mono ethanol amine (MEA). The models developed were resolved analytically using Laplace Transform and simulated using Excel as simulation tool and data obtained from experiment in the laboratory to obtain profiles of weight loss and temperature as a function of time. The weight loss and performance of mild steel under various corrosive conditions were examined which indicates the effect of corrosion on the mild steel heat exchanger in water and MEA media. The result shows that water is more corrosive than MEA at higher temperatures and at lower temperatures of 35˚C and 1 atm, MEA has inhibitive properties than water as indicated by the weight loss result with time. The comparative analysis between the results obtained from the model simulation and experimental results shows that the result obtained from the model is more reliable and demonstrated better performance characteristics as it clearly shows mild steel heat exchanger experiences more corrosive effect in water medium than MEA at higher temperatures.