In this study we conducted a material flow analysis (MFA) of the four major types of waste electrical and electronic equipment (WEEE), namely refrigerators, TV sets, washing machines, and air conditioners, based on the most reliable data available from the Eco-Assurance System, other governmental sources, the literature, a field survey, and interviews. A MFA of six major components, iron, copper, aluminum, plastics, precious metals, and rare metals was also conducted. The estimated total generation of WEEE in 2013 amounted to 401.8 thousand tons, of which 3.8% (or, approximately 5% including printed circuit boards) was exported and 55.0% was recycled. The collection by the formal take-back system occupied 34.6% of the total generation, from which 83.9% was recovered as valuables. The six major components amounted to 299.7 thousand tons, among which 89.8% of iron, 91.4% of copper, 56.0% of aluminum, 27.1% of plastics, 37.1% of precious metals, and 6.2% of rare metals were recovered. A high positive correlation was found between the amount of WEEE flowing into the private recycling business and its economic value. Since the recovery ratio in the private sector was estimated to be much lower, while the potential environmental impact was higher, an optimal strategy was identified to enhance the collection by the public sector. Providing economic incentives should be an effective means to encourage private collection through the formal take-back system.