The performances of a light water cooled thorium breeder reactor have been investigated. A feasible region of fresh fuel enrichment and moderator to fuel ratio (MFR) is found to satisfy the constrains of criticality, breeding, and negative void coefficient for several burnups of discharged fuel. The equilibrium fuel cycle burnup calculation has been performed which is coupled with the cell calculation. The MFR is changed to investigate its effect to the breeding capability and void reactivity coefficient profile for different average discharged burnups. For moderated cases, the conversion ratio (CR) decreases with increasing burnup and MFR. The ratio of fissile inventory in equilibrium core to the initial fissile loading (FIR) has the maximum value at certain burnups depending on the MFR and its value increases with the decreasing MFR. Considering to the breeding capability of the reactor, for burnups of equal to 30 GWd/t or higher, the MFR ≤ 0.3 is needed. For the larger MFR and lower burnups, the void reactivity coefficient becomes more negative with an increasing void fraction. The most negative value of the void reactivity coefficient is obtained at MFR = 0:3.