In order to fully understand the energy and exergy transfer processes in sinter vertical coolers, a simulation model of the fluid flow and heat transfer in a vertical cooler was established, and energy and exergy efficiency analyses of the gas−solid heat transfer in a vertical cooler were conducted in detail. Based on the calculation method of the whole working condition, the suitable operational parameters of the vertical cooler were obtained by setting the net exergy efficiency in the vertical cooler as the indicator function. The results show that both the quantity of sinter waste heat recovery (SWHR) and energy efficiency increased as the air flow rate (AFR) increased, and they decreased as the air inlet temperature (AIT) increased. The increase in the sinter inlet temperature (SIT) resulted in an increase in the quantity of SWHR and a decrease in energy efficiency. The air net exergy had the maximum value as the AFR increased, and it only increased monotonically as the SIT and AIT increased. The net exergy efficiency reached the maximum value as the AFR and AIT increased, and the increase in the SIT only resulted in a decrease in the net exergy efficiency. When the sinter annual production of a 360 m2 sintering machine was taken as the processing capacity of the vertical cooler, the suitable operational parameters of the vertical cooler were 190 kg/s for the AFR, and 353 K for the AIT.