This paper covers an estimation and analysis of generating cost of 350MWe nuclear power plant using a pressurized water reactor on the assumption that such a nuclear power plant would be constructed in Korea in or around 1970. For the evaluation of this generating cost, an extensive study has been conducted based on the current information on operating and costing parameters of light water reactors, particularly those of pressurized water reactors. Based on this study, a total generating cost of 7.29 Mills/Kwh was evaluated by operating the plant at 80% plant factor. For this calculation, a steady state method was introduced. It is considered, therefore, that a total generating cost in the beginning of plant operation would be a little higher than 7.29 Mills/Kwh, which has been calculated in the state of equilibrium.