Fragmentation using pulsed power discharges in water seems one of promising methods for recycling of refuse circuit boards in electrical appliances. The Marx generator, which provides voltage of up to 480 kV and energy of up to 7.7 kJ, was employed to produce the electrical discharges in water. Refuse circuit boards were successfully broken into small pieces, and the circuit elements were separated from the boards after several tens of discharges. The amount of fragmentation is dependent on energy supplied from the Marx generator. Also the fracturing mechanism of circuit boards is described.