There has been considerable controversy concerning the alpha waste and the proliferation hazards of breeder reactors and chemical reprocessing. In order to compare the hazards of different fuel cycles, calculations of alpha waste production and fuel composition have been made for 235U-burning light water reactors (LWRs) and Canadian Deuterium Uranium (CANDU) natural uranium, heavy water reactors using the throw-away fuel cycle, for LWRs with plutonium and uranium recycle, for liquid-metal fast breeder reactors (LMFBRs) using the 238U-239Pu and the 232Th-233U fuel cycles, for LMFBR converters with the 232Th-239Pu fuel cycle, for thermal CANDU breeders and light water breeder reactors using the 232Th-233U fuel cycle, including a 20% denatured CANDU breeder, and for a one-cycle thermal 232Th-239Pu converter. The LWR or CANDU using the throw-away fuel cycle produces the most alpha waste, but the alpha waste, which is due mainly to plutonium, can be greatly reduced by recycling plutonium and uranium. The LMFBR produces still less alpha waste, and, in conjunction with LWRs or CANDUs, minimizes the total inventory of plutonium. Especially if a proliferation-resistant reprocessing scheme is used, the mixed LMFBR/LWR or CANDU economy will greatly reduce the proliferation hazard relative to the throwaway fuel cycle. Recycle of actinide waste in LMFBRs will nearly eliminate the alpha activity of the waste, but will complicate fuel fabrication.