An oscillating heat pipe (OHP) is an effective heat transfer device for the thermal management of electronic devices. However, the heat transfer mechanism of the OHP was not fully understood due to its complicated operation characteristics. In this paper, the thermal performance of an OHP was experimentally studied. The condensation and evaporation temperature variations were monitored under different heat inputs and were then used to evaluate the OHP system operating characteristics. Thermal resistance was used as a key parameter to evaluate the thermal performance of the OHP system. The results indicated that as the heat input increased from 25 to 100 W, the average thermal resistance decreased while the stable evaporating and condensing temperatures increased. The equivalent heat transfer coefficient was derived theoretically. It showed that the reciprocal of the radial heat transfer coefficient increased with increasing liquid film thickness. Based on this result, an empirical correlation was proposed to evaluate the thermal resistance of an OHP system. This correlation was validated using both the experimental data provided in this study and the data collected from the open literature. The comparison results indicated that the proposed empirical correlation could reasonably predict the thermal resistance under different filling ratios and heat inputs.