Pressure reducing valve (PRV) located before the start-up vessel (SUV) is an essential component that decreases the pressure and temperature of the supercritical state steam by using spray water before it flows into the SUV. The PRV is kept closed during normal operation but opened during start-up and shutdown events, which could initiate thermal fatigue defects due to significant temperature changes. In addition to the thermal shock and internal pressure, system bending and torsional moments may be imparted on the PRV, threatening its integrity. To reinforce these concerns, cracks on the inside surfaces of the PRV have often been reported during planned maintenance activities in nuclear power plants. This research aims at analysing cyclic plasticity of the PRV subjected to cyclic moments, thermal and pressure loadings by means of an advanced direct numerical technique known as the Linear Matching Method (LMM). The cyclic moments are comprised of in-plane and out-of-plane bending, and torsion which are applied to an inlet branch pipe of the PRV. The cyclic thermal load is obtained from the transient heat transfer analysis using real operational data. Two different pressures, which are high and low pressures, are applied to internal surfaces of the PRV body and outlet pipe respectively. The analysed results construct a structural response boundary such as a shakedown limit boundary. The obtained structural response boundary is validated by full cyclic incremental analysis referred to as the step-by-step analysis. The analysed results have demonstrated that the plastic collapse limit is identical to the shakedown limit. Moreover, the results provide engineers with a safe load bearing capacity domain which otherwise requires evaluating structural integrity of the PRV subjected to the complicated cyclic loading condition using detailed assessments and analyses.