Aimed at the issue of recyclable express packaging, the decision-making under two recycling modes of logistics company and e-commerce platform was discussed. The optimal recycling rate, the optimal proportion of express packaging used, the optimal profits for the logistics company and the minimum cost for the e-commerce platform under the two recycling modes were investigated. The impacts of the potential market size, boxes cost and recycling effort cost factor on the profits of the logistics company and the cost of the e-commerce platform were discussed through numerical simulation. The study showed that the recycling rate was related to the recycling effort cost factor. Under the e-commerce platform recycling mode, a higher proportion of recyclable express packaging was used by e-commerce platform, while under the logistics company recycling mode, the recycling rate was higher and the logistics company made higher profits.