The optimal pricing decisions and profit of the manufacturer and retailer under the reciprocal preference behavior are studied, and the effect of this reciprocity preference on the decision behavior and channel efficiency is analyzed. The results show that the mutual reciprocity preference degree has a positive effect on the waste materials recycling proportion of manufacturer. The retailer’s reciprocity preference degree has a negative impact on the manufacturer’s wholesale price. The sales price of the retailer declines and the market demand expands with the mutual reciprocity preference increasing. At the same time, with the reciprocity preference degree of each member increasing, its own profit is diminishing, and other members’ profit is increasing. The mutual reciprocity preference behaviors can improve the channel profit and efficiency of the closed-loop supply chain.