The invention provides an annular structure separating device shell-and-tube heat exchanger with non-condensable gas. The heat exchanger comprises a shell body, heads are arranged at the two ends of the shell body correspondingly, a tube plate is arranged on the connection position of each head and the shell body, heat exchange tubes are connected with the tube plates at the two ends, and the gaseous phase in two-phase gas-liquid flow is an insoluble or slightly soluble gas, namely the gas does not dissolve in liquid in the heat exchange process; and separating devices are arranged in each heat exchange tube, each separating device comprises a core body and a shell, the cores are arranged in the shells, each shell is fixedly connected with the inner wall of the corresponding heat exchange tube, each core body comprises a plurality of concentric tubes and fins, and the fins connect adjacent concentric tubes. According to the annular structure separating device shell-and-tube heat exchanger with non-condensable gas, a heat exchanger with separating devices with a novel structure is provided, when two-phase gas-liquid flow exists in a pipeline, compared with the background technology, the heat exchanger further enhances heat transfer, weakens vibration of the pipeline and reduces the noise level.