The increased municipal solid waste generation poses ponderous pressure on the economy, environment, and public health. The current waste treatment process has multiple limitations. To inform policymakers on the best practices and feasibility, we develop a more comprehensive social costing model to assess the impacts of municipal solid waste management throughout its life cycle. The prominent findings show that the life cycle social cost of municipal solid waste in Beijing in 2021 is 12.4 billion yuan. Incineration has the highest social cost, totaling 10.172 billion yuan. The social cost per unit of waste incineration is 2,045 yuan/t, which is higher than that of landfill (1,288 yuan/t), composting (1,132 yuan/t), anaerobic digestion (1,057 yuan/t), and recyclables resource utilization (-344 yuan/t). The life cycle assessment results show that economic costs, including collection, transportation, and treatment costs, account for about 61%, and health loss costs account for about 37%. The scenario analysis suggests a significant potential for social cost savings from food waste and recyclables utilization. Ideally, a social cost reduction of almost 38% could be achieved. Error analysis examines the influence of variation in uncertain parameters on the evaluation results. This paper provides scientific strategies for optimal investment and decision-making on the comprehensive municipal solid waste management. These findings could provide an essential reference for policymakers and stakeholders in municipal solid waste management, replicated in different cities and other emerging economies.