The prospect of adopting various mixed oxide fuels to increase the conversion ratio (CR) of conventional LWRs has been explored in this study. The Westinghouse AP1000 fuel assembly (FA) was taken as the reference design. While the geometry of the FA was kept the same, five assembly models were constructed utilizing different MOX fuels in the fuel rods. Depleted UO2 was mixed with PuO2 for the first model, the next two models featured a combination of UO2 with ThO2, the fourth one utilized a mixture of PuO2 and ThO2, and the final model employed a combination of UO2, PuO2, and ThO2. Depletion analysis of these fuel assembly models was then carried out using the lattice physics code Dragon 5. The burnup-dependent infinite multiplication factor and reactivity were determined and a significant improvement in cycle length was observed at the end of the burnup period because of fertile to fissile conversion. A higher fast fission rate was obtained for plutonium-based fuel models compared to the reference, whereas the thorium-based fuel models demonstrated higher thermal fission rates. The linear reactivity model (LRM) was utilized to calculate fuel cycle performance for a three-batch refueling scheme. The three fuel models utilizing PuO2 achieved improved discharge burnup and cycle length, and required lower charge fuel mass to obtain the same thermal power. All of the five proposed models attained higher conversion ratios compared to the reference, while the highest increment in CR was obtained for the last model utilizing all three oxides. The CR of conventional UO2 fuel in AP1000 was 0.64, whereas it was calculated to be 0.73 for Model 5. Key safety parameters including the fuel and moderator temperature coefficients of reactivity and the effective delayed neutron fraction of the models were also determined. Finally, the isotopic evolution of minor actinides and fission product poisons of the models were analyzed as a function of burnup and compared with the reference.