ObjectivesRecently updated results of randomized clinical trials (RCTs) have confirmed that toripalimab, camrelizumab, and tislelizumab plus chemotherapy (TOGP, CAGP, and TIGP) significantly prolonged survival compared to placebo plus chemotherapy (PLGP) in the first‐line treatment for recurrent or metastatic nasopharyngeal carcinoma (R/M‐NPC). However, the high cost of immunotherapies imposes a huge financial burden on patients and health care systems.Materials and methodsRCTs estimating immunotherapies for R/M‐NPC were searched. A Bayesian network meta‐analysis (NMA) was carried out; the main outcomes were hazard ratios (HRs) of overall survival (OS) and progression‐free survival (PFS). The cost and efficacy of four first‐line therapies were evaluated using the Markov model. The main outcome in the cost‐effectiveness analysis (CEA) was incremental cost‐utility ratios (ICURs). The model robustness was assessed by one‐way, three‐way, and probabilistic sensitivity analyses.ResultsThree RCTs (JUPITER‐02, CAPTAIN‐1st, and RATIONALE‐309) involving 815 patients were included in the NMA. Compared with PLGP, chemo‐immunotherapies have significantly longer PFS and OS. Compared to the PLGP group, TOGP, CAGP, and TIGP groups resulted in additional costs of $48 339, $22 900, and $23 162, with additional 1.89, 0.73, and 0.960 QALYs, respectively, leading to the ICURs of $25 576/QALY, $31 370/QALY, and $31 729/QALY. Pairwise comparisons showed TOGP was the most cost‐effective option among chemo‐immunotherapy groups.ConclusionFrom the Chinese payers' perspective, first‐line immunotherapy combination therapies provided significant survival and cost‐effectiveness superiority over chemotherapy alone for patients with R/M‐NPC at the WTP of $38 029/QALY. Among the three chemo‐immunotherapy groups, TOGP was the most cost‐effective option.