Abstract: Focusing on manufacturers, retailers, and the third party in a closed-loop supply chain, the three-mixed recycling-channel mode of waste products recycling is discussed, and a related revenue function model is constructed. By using the Stackelberg game theory, with repurchase price of the manufacturer charged to other parties as the independent variable, the relevant indicators consisting of retail price, recovery of waste products and manufacturer profit selected, and indicators on the repurchase price of its underlying objective function are derived. In the case with other conditions remaining unchanged, a comparative analysis is conducted and the best mode of mixed recycling channels for manufacturers and retailers is obtained. An example is used to verify the obtained results and realistic meaning is interpreted. The significance of the proposed method lies in that it can help companies in the recycling industry chain to choose appropriate recycling channel and make a beneficial decision.