Abstract: Based on levelized cost of electricity (LCOE) method, the fuel cycle was selected as the object of the study, the economics of once-through fuel cycle and twice-through fuel cycle for travelling wave reactor (TWR) was studied. Ten important economic and technical parameters were proposed for the sensitivity analysis. The results show that the LCOE of TWR is lower than that of conditional light water reactor and fast reactor. Furthermore, the LCOE of once-through fuel cycle of TWR is lower than that of twice-through cycle. The sensitivity analysis indicates that the discount rate, burn-up, overnight cost and thermal efficiency impact the LCOE severely, while the price of uranium and the cost of waste disposal barely impact the LCOE.