Neutronic analyses for the core conversion of Pakistan research reactor-2 (PARR-2) from high enriched uranium (HEU) fuel to low enriched uranium (LEU) fuel has been performed. Neutronic model has been verified for 90.2% enriched HEU fuel (UAl 4–Al). For core conversion, UO 2 fuel was chosen as an appropriate fuel option because of higher uranium density. Clad has been changed from aluminum to zircalloy-4. Uranium enrichment of 12.6% has been optimized based on the design basis criterion of excess reactivity 4 mk in miniature neutron source reactor (MNSR). Lattice calculations for cross-section generation have been performed utilizing WIMS while core modeling was carried out employing three dimensions option of CITATION. Calculated neutronic parameters were compared for HEU and LEU fuels. Comparison shows that to get same thermal neutron flux at inner irradiation sites, reactor power has to be increased from 30 to 33 kW for LEU fuel. Reactivity coefficients calculations show that doppler and void coefficient values of LEU fuel are higher while moderator coefficient of HEU fuel is higher. It is concluded that from neutronic point of view LEU fuel UO 2 of 12.6% enrichment with zircalloy-4 clad is suitable to replace the existing HEU fuel provided that dimensions of fuel pin and total number of fuel pins are kept same as for HEU fuel.