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The Helically coiled tube Once-Through Steam Generator (H-OTSG) is a key piece of equipment for compact small reactors. The present study developed and verified a thermal–hydraulic design and performance analysis computer code for a countercurrent H-OTSG installed in a small pressurized water reactor. The H-OTSG is represented by one characteristic tube in the model. The secondary side of the H-OTSG is divided into single-phase liquid region, nucleate boiling region, postdryout region, and single-phase vapor region. Different heat transfer correlations and pressure drop correlations are reviewed and applied. To benchmark the developed physical models and the computer code, H-OTSGs developed in Marine Reactor X and System-integrated Modular Advanced ReacTor are simulated by the code, and the results are compared with the design data. The overall characteristics of heat transfer area, temperature distributions, and pressure drops calculated by the code showed general agreement with the published data. The thermal–hydraulic characteristics of a typical countercurrent H-OTSG are analyzed. It is demonstrated that the code can be utilized for design and performance analysis of an H-OTSG.