Abstract: Considering take-back regulation, in this paper, three models (centralized model, manufacturer-led collecting and reuse model, and retailer-led collecting and reuse model) were constructed and the product value recovery strategy for collected products and the substitution effect of dismantled products were studied. Results show that dismantling costs affect both dismantled products and remanufactured products; the level of regulation target affects the strength of the substitution effect of dismantled products on remanufactured products; both manufacturer and retailer will compete for the leading position in collecting and reuse under decentralized model; the higher the regulation target, the lower the reuse efficiency of collected products. Finally, some management suggestions are provided for the government, manufacturers and retailers.