Abstract: In order to compare core characteristics of conventional fast reactor with travelling wave reactor, a conceptual neutronic design of conventional fast reactor called HBFR (High Burnup Fast Reactor) with maximum burnup up to 300 000 MWd/tHM was given. In order to decrease the burnup reactivity swing, a refueling strategy which refuel only one-sixth of fuel assembly was chosen. The NAS code was used to analyse three different operating conditions: cold room temperature, hot standby and full-power conditions. Some core parameters such as criticality, power distribution, DPA characters, temperature and power reactivity, control rod worth, etc. are calculated. The results show that the maximum burnup of fuel assembly is 300 000 MWd/tHM, the average burnup is about 219 000 MWd/tHM and the burnup reactivity swing is 3.7%k/k which can be controlled by regulation rods. The design of HBFR can meet the design objectives and design limits and provide data to compare with TWR effectively.