The objective of this retrospective study is to clarify the cumulative live-birth rates (CLBRs) from frozen–thawed embryo transfer without preimplantation genetic testing for aneuploidy (PGT-A) to evaluate the validity of infertility treatment in women of advanced reproductive age. A total of 1,011 patients aged ≥ 40 years undergoing their first nondonor in vitro fertilization without PGT-A at our hospital between January 2010 and September 2017 were included. They were followed up for up to two years, or until either treatment discontinuation or a pregnancy that resulted in a live birth. We also estimated the cost per live birth (LB) for each number of transfer cycles. The 2-year CLBRs were 55.6%, 39.0%, 31.3%, 19.1%, 10.6%, 4.4%, and 0% for patients of ages 40, 41, 42, 43, 44, 45, and > 46, respectively. In approximately 80% cases of LB, the patients aged 40–42 and 43–44 years became pregnant by the fourth and second transfer, respectively. The cost per LB exceeded $150,000 after the fourth, third, and second transfers at the age of 40, 41, and 42–43 years, respectively. Patients who showed no results after a certain number of transfers should be advised to quit fertility treatment.