Advanced fuel cycle includes SFR and pyro-processing, which are actively researched in various fields of nuclear energy. Focus of previous work (Lee et al., Nuclear Engineering and Technology, 2011, 43, 383390) was mainly on the comparison of uranium utilization with implicitly expressed reprocessing terms. However, in some cases, the result can be distorted by too much favor on SFR system and thus reliable cost analysis cannot be performed. In this study, the key factors - Recycling cost (SFR capital cost and Pyro-processing cost), Uranium price, and Direct disposal cost - were analyzed by explicitly expressing spent nuclear fuel (SNF) and its related terms, and the qualitative inter-dependency between each costs were discussed. Furthermore, comparison between the direct disposal and recycling was conducted in two aspects, which are spent nuclear fuel accumulation and uranium utilization. (C) 2012 Elsevier Ltd. All rights reserved.