Abstract: The construction of a reclaimed water utilization system has to comprehensively consider external benefits, such as resources, environment, and society to get a reasonable price for reclaimed water to effectively stimulate the government and water users to choose reclaimed water.In this study, a cost-benefit analysis calculation system was constructed, which comprehensively considered the construction and operation costs of the reclaimed water project and the resource and environmental benefits generated by the reclaimed water project relative to other water sources.The incremental net present value method was used to evaluate the economic feasibility of the project, and the alternative approach method was proposed to calculate the reasonable pricing of reclaimed water.Through analysis of an industrial water supply project in Anji County, it was found that the reclaimed water supply scheme was economically feasible compared to the tap water supply scheme and a natural water intake scheme.The reasonable pricing range was 1.26～1.41 yuan/m(3 )calculated by the alternative approach method, in the premise of both the economic burden of water users, protection of water resources and the environment being taken into account.