The multiple-recycle fuel cycle for uranium-238 considered here, if practically realized, can bring revolutionary changes in nuclear energy. A full use of uranium-238 implies a practically infinite resource for power generation. Besides the energy, the fuel cycle net output is only fission products, which are co-products rather than waste. For the same amount of energy produced, the amount of fission products is two orders of magnitude less compared with the amount of spent nuclear fuel generated in currently exploited nuclear energy production scenarios. Using the simplest isotope balance model, key features of the multiple-recycle fuel cycle for uranium-238 are investigated. The repetition of this cycle results in smooth transformation of the initial fuel to ‘stationary’ fuel without strong variations in the fractional isotope content. Deficit of delayed neutrons is a threat of the fuel cycle considered as well as other fuel cycles that use plutonium. It has a dramatic impact on reactor controllability and safety. A solution to this threat could be a subcritical nuclear reactor with an external neutron source. In this paper, use of a stellarator–mirror (SM) fusion–fission hybrid for the multiple-recycle fuel cycle for uranium-238 is analysed. A summary of the experimental and theoretical studies on the SM hybrid is given. Preliminary results for principal design of a SM hybrid nuclear reactor for the multiple-recycle fuel cycle for uranium-238 are presented.