This paper investigates enhancement of cooling of an IC chip by acoustic streaming induced by a PZT-covered vibrating beam, which is placed underneath the chip. Vibration of the beam induces acoustic streaming in the gap between the chip and the beam. The governing equations are asymptotically decomposed into the first order harmonic equations and second order time-independent acoustic streaming equations by the infinite small parameter defined as the ratio of characteristic beam vibration velocity and the local sound speed. The first order harmonic equations are numerically solved in the reduced wave equation form. The steady acoustic streaming equations are driven by the first order harmonic field and are solved by SIMPLER method. The cooling effect on the uniform heat flux from the chip is also analyzed and behavior of the cooling effect on the uniform heat generation within a chip with finite thickness is also estimated.