A new reactor concept of innovative water reactor for flexible fuel cycle (FLWR) is under development at Japan Atomic Energy Agency in cooperation with Japanese reactor suppliers. A design of 1,356 MWe high conversion boiling water reactor-type FLWR core, which has an instantaneous conversion ratio of 1.04, negative void coefficient, high burnup of 65 GWd/t, and 15-month operational cycle length, has been constructed. So far, studies on thermal-hydraulic characteristics have been performed for tight lattice core. Evaluation methods for the critical power and the pressure drop under both the steady and the transient states have been established, and a modified TRAC-BF1 code has been developed for the thermal-hydraulic design of the FLWR. In this paper, the thermal feasibility of the designed 1356MWe FLWR core is analyzed by using the modified TRAC-BF1 code. The analysis is first carried out for the current core design. It is confirmed that no boiling transition (BT) occurs under the steady state. However, the minimum critical power ratio (MCPR) is only about 1.08, and the BT is confirmed occurring under the postulated abnormal transient processes. Therefore, concretizations of the conditions that ensure the thermal feasibility of a natural circulation-type FLWR and a forced circulation-type FLWR are performed. As for the results, for a forced circulation-type FLWR, the operation-limited MCPR (OLMCPR) is 1.32, and the necessary minimum core coolant flow rate is 640 kg/(m 2 s). For a natural circulation-type FLWR, the OLMCPR is 1.19, and the necessary minimum core coolant flow rate is 560 kg/(m 2 s).