The recycle value of the fuel discharged from light water reactors has been determined from the viewpoint of recycle in pressurized water reactors. It is concluded that no economic advantage can be gained unless both uranium and plutonium are recycled and only if the reprocessing cost remains below $366/kg. A value based on initial substitution method has also been calculated for plutonium having different concentrations of fissile and fertile isotopes. It has been estimated that under the self-generated recycle option, the neutronic worth of recycled plutonium is reduced to ∼70% of the worth of no-recycle plutonium in 3 to 4 recycles and decreases very slowly after that.