We present a general study on exclusive semileptonic decays of heavy (B, D, B_s) to light (pi, rho, K, K^*) mesons in the framework of effective field theory of heavy quark. Transition matrix elements of these decays can be systematically characterized by a set of wave functions which are independent of the heavy quark mass except for the implicit scale dependence. Form factors for all these decays are calculated consistently within the effective theory framework using the light cone sum rule method at the leading order of 1/m_Q expansion. The branching ratios of these decays are evaluated, and the heavy and light flavor symmetry breaking effects are investigated. We also give comparison of our results and the predictions from other approaches, among which are the relations proposed recently in the framework of large energy effective theory.