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There could be several reasons for this:

The project may not have been saved. If the project was not saved, it will not show up in the recent projects list.
The recent projects list may be full. By default, Xcode only displays the ten most recent projects. If this list is full, older projects may be removed to make space for newer ones.
The project may have been moved or deleted. If the project was moved to a different location or deleted from the hard drive, it will no longer appear in the recent projects list.
Corrupted Xcode preferences. If the Xcode preferences are corrupted, it may affect the recent projects list. In this case, resetting Xcode preferences to default may help solve the issue.
Bug in Xcode. In some instances, there may be issues with the Xcode software itself. In this case, updating to the latest version of Xcode or contacting Apple support may help resolve the issue.