This paper provides a cost analysis case study to compare the effectiveness of using reinforced concrete versus steel as a construction material for conical tanks. Simplified design approaches, which were developed in previous investigations, are utilized to design a wide range of reinforced concrete conical tanks and steel counterparts having three different capacities (500 m3, 1750 m3 and 3000 m3). The cost analysis is conducted for each of the concrete and steel tanks. This analysis includes the cost of material, formwork, labour and life-cycle cost. Also, a general study of the effect of tank dimensions on the cost is provided. The results of this study show that steel conical tanks are considered as a more economical choice for medium and small capacity tanks, regardless their dimensions. On the other hand, for large capacity conical tanks (3000 m3), the tank dimensions govern which construction material (reinforced concrete or steel) is more cost effective