Film cooling performance of a new shaped hole, waist-shaped slot hole, is studied in this paper. Experimental measurement and numerical simulation are carried out to investigate the film cooling character and physics of this new shaped hole. And comparisons between the waist-shaped slot hole and two kinds of console holes are also performed. Both the cooling effectiveness distribution and the heat transfer coefficient distribution of the waist-shaped slot hole are similar with those of the console hole with a large divergence angle because of the effect of the waist-shaped slot hole’s structure. The middle constriction structure of the waist-shaped slot hole and the coupled vortices makes jets from the waist-shaped slot holes produce higher cooling effectiveness in the midspan region between adjacent holes. And also due to the effect of the middle constriction structure, the heat transfer coefficient of the waist-shaped slot hole is very high in the upstream midspan region between adjacent holes. However, the heat transfer coefficient in the downstream midspan region is lower than that in the region near the hole centerline because of the effect of the coupled vortices. The waist-shaped slot holes provide the surface with very good thermal protection, especially in the upstream region. Although the console holes with small a exit-entry area ratio provide better thermal protection than the waist-shaped slot holes due to small turbulence intensity, the flow resistance characteristic of the waist-shaped slot hole, which has a larger exit-entry area ratio, is much better.