•Economy of waste PV module recycling is discussed based on cost-benefit analysis.•The costs and benefits of PV overall recovery process are analyzed.•Recovery of waste PV module will have a low economic potential in China.•Fiscal policy and recovery strategy are provided for government and enterprises. With the rapid development of renewable energy, the impact on environment and resource caused by waste photovoltaic modules has been realized gradually. To solve the problem, recycling becomes an effectual way. Therefore, the aim of this paper was to assess the economic feasibility of the photovoltaic modules recycling project in China by using cost-benefit analysis. It was found that, under the estimated treatment quantity will generate in China in 2020–2034, the recovery cost per kilowatt (kW) of photovoltaic modules will be 25.11 USD, the unit benefit is 25.68 USD/kW, and the unit net benefit is 0.57 USD/kW. The net present value (NPV) and benefit-cost ratio (BCR) are 21.14 million USD and 1.023. The sensitivity analysis indicated that the sale benefits of recycled materials and tax were the most sensitive factors affecting the project's economy. Finally, we proposed ways to improve the economy for the government and related enterprises.