A thoria-urania (ThO2-UO2) fuel performance analysis code was developed by adding performance models and material properties correlations for thoria-urania fuel to a UO2 fuel performance analysis code, and its prediction capability was validated by comparison with thoria-urania fuel irradiation test data. Analysis of the ThO2-UO2 fuel performance in a typical pressurized water reactor showed that it could be irradiated up to a burnup of 70 to 100 MWd/kg heavy metal by optimizing the fuel rod design, and the overall irradiation performance of the ThO2-UO2 fuel would be somewhat better than for UO2 fuel.