Waste paper (WP) has become indispensable raw materials for paper industry. China has banned all imported WP since 2021, this one-size-fits-all policy has caused wide debates due to lack of a multiple and systematic assessment. Herein, a three-dimensional comprehensive assessment of environment, economy and health risk was established to compare non-deinking paper (NP) and deinking paper (DP) with imported/domestic waste paper (IWP/DWP). Assessment indicated that IWP was strongly recommended for NP with 20.96 %, 17.39 % and 20.92 % lower than DWP in environment, economy and health risk, respectively. Although the health risk of IWP was 58.14 % higher than that of DWP, it did not exceed the threshold, IWP was still recommended for DP with 19.14 % and 4.18 % lower than DWP in environment and economy. Toxicity-related impact categories predominated at midpoint level, especially human carcinogenic toxicity (50.97–59.12 %), which was largely caused by the emission of large quantities of toxic pollutants from the key processes (e.g., electricity generation (25.14–38.28 %) and wood pulp (31.99 %)), especially chromium (VI) (51.08–60.21 %). While human health (93.89–95.1 %) dominated all endpoint impact categories, which was mainly attributed to the top substances (i.e., CO2) from electricity generation (28.47–42.78 %). Importantly, actual cost might be markedly underestimated without considering environmental cost, the ecosystems damage was the primary source of external cost, and the internal cost was concentrated in raw materials (47.57–61.67 %). The health risk of contaminants in WP was closely associated with their manufacturing process and raw materials. The major health risk resulted from heavy metals, particularly for As and Cr. In conclusion, banning all IWP should be deliberated carefully, high-quality IWP should be imported to decrease environmental and economic burdens via enhancing supervision, performing import subsidies and tax incentives, and administrative approvals (facilitating industry consolidation and merging small and medium-sized enterprises).