The　acceleration　of　electronic　products＇　upgrade　affects　consumers＇　purchase　behaviour.　How　to　encourage　consumers　to　return　old　products　in　order　to　upgrade　to　new　products　and　how　to　optimize　such　the　closed-loop　supply　chain　are　important　managerial　topics.　According　to　the　theory　of　reference　price,　the　closed-loop　supply　chain　model　with　fixed　rebate　and　variable　rebate　is　established.　The　analysis　results　imply　that,　when　consumers＇　willingness　to　return　second-hand　products　depends　on　manufacturers＇　rebates　and　prices　of　new　products,　the　profit　of　closed-loop　supply　chain　decreases.　In　addition,　when　consumers　are　sensitive　to　price　difference,　enterprises　can　adopt　low　profit　margin　methods　to　increase　new　product　demand.　Furthermore,　the　profit　of　the　manufacturer　is　closely　related　to　whether　consumers　are　loss-seeking　or　loss-averse.　Finally,　our　analysis　provides　the　insights　of　the　relationship　between　the　optimal　return　and　rebate　mechanism　and　the　use　time　of　the　previous　generation　of　products.