Abstract The commonly used transmutation rate of minor actinides in nuclear reactors is decomposed into four components, overall fission rate, Pu production rate, MA production rate, and element production rate. The physical meanings of these factors are described. The transmutation rates of minor actinides in two types of highly-moderated PWRs, a MOX fueled Na cooled fast reactor, and a metal fueled Pb cooled fast reactor are interpreted using the four components. The metal fueled Pb cooled fast reactor can incinerate minor actinides most (79kg/GWth/year), and this amount is about 4 times larger than the thermal reactors. The thermal reactors have large relative overall fission rates for 241 Am and have a potential for the incineration of 241 Am.