The Full Form of RLV is Reusable Launch Vehicle.

A reusable launch system is a launch system that includes the recovery of some or all of the component stages. To date, several fully reusable suborbital systems and partially reusable orbital systems have been flown.

The first reusable launch vehicle to reach orbit was the Space Shuttle, which failed to accomplish the intended goal of reducing launch costs to below those of expendable launch systems. SpaceX CEO Elon Musk has said that if one can figure out how to reuse rockets like airplanes then the cost of access to space will be reduced by as much as a factor of a hundred.

During the 21st century, commercial interest in reusable launch systems has grown considerably, with several active launchers. The SpaceX’s Falcon 9 rocket has a reusable first stage and capsule (for Dragon flights) and expendable second stage, The Spaceship Company has flown reusable suborbital spaceplanes, and the suborbital Blue Origin New Shepard rocket has recoverable first stages and crew capsules.