Purpose: Conventional iterative low-dose CBCT reconstruction techniques are slow and tend to over-smooth edges through uniform weighting of the image penalty gradient. In this study, we present a non-iterative analytical low-dose CBCT reconstruction technique by restoring the noisy low-dose CBCT projection with the non-local total variation (NLTV) method.Methods: We modeled the low-dose CBCT reconstruction as recovering high quality, high-dose CBCT x-ray projections (100 kVp, 1.6 mAs) from low-dose, noisy CBCT x-ray projections (100 kVp, 0.1 mAs). The restoration of CBCT projections was performed using the NLTV regularization method. In NLTV, the x-ray image is optimized by minimizing an energy function that penalizes gray-level difference between pair of pixels between noisy x-ray projection and denoising x-ray projection. After the noisy projection is restored by NLTV regularization, the standard FDK method was applied to generate the final reconstruction output.Results: Significant noise reduction was achieved comparing to original, noisy inputs while maintaining the image quality comparable to the high-dose CBCT projections. The experimental validations show the proposed NLTV algorithm can robustly restore the noise level of x-ray projection images while significantly improving the overall image quality. The improvement in normalized mean square error (NMSE) and peak signal-to-noise ratio (PSNR) measured from the non-local total variation-gradient projection (NLTV-GPSR) algorithm is noticeable compared to that of uncorrected low-dose CBCT images. Moreover, the difference of CNRs from the gains from the proposed algorithm is noticeable and comparable to high-dose CBCT.Conclusion: The proposed method successfully restores noise degraded, low-dose CBCT projections to high-dose projection quality. Such an outcome is a considerable improvement to the reconstruction result compared to the FDK-based method. In addition, a significant reduction in reconstruction time makes the proposed algorithm more attractive. This demonstrates the potential use of the proposed algorithm for clinical practice in radiotherapy.