Feasibility study of burn-up analysis and monitoring using delayed fast neutrons was investigated at Missouri University of Science and Technology Reactor (MSTR). Burnt and fresh fuel elements were used to collect delayed fast neutron data for different power levels. Total reactivity varied depending on the burn-up rate of fuel elements for each core configuration. The regulating rod worth was 2.07E-04 Δk/k/in and 1.95E-04 Δk/k/in for T121 and T122 core configurations at 11 inch, respectively. Delayed fast neutron spectrum of F1 (burnt) and F16 (fresh) fuel elements were analyzed further, and a strong correlation was observed between delayed fast neutron emission and burn-up. According to the analyzed peaks in burnt and fresh fuels, reactor power dependency was observed and it was determined that delayed neutron provided more reliable results at reactor powers of 50 kW and above.