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Safety risk management has a considerable effect on disproportionate injury rate of construction industry, project cost and both labor and public morale. On the other hand time-cost optimization (TCO) may earn a big profit for project stakeholders. This paper has addressed these issues to present a multi-objective optimization model to simultaneously optimize total time, total cost and overall safety risk (OSR). The present GA-based optimization model possesses significant features of Pareto ranking as selection criterion, elite archiving and adaptive mutation rate. In order to facilitate safety risk assessment in the planning phase, a qualitative activity-based safety risk (QASR) method is also developed. An automated system is codded as an Excel add-in program to facilitate the use of the model for practitioners and researchers. The model has been implemented and verified on a case study successfully. Results indicate that integration of safety risk assessment methods into multi-objective TCO problem improves OSR of nondominated solutions. The robustness of the present optimization model has also been proved by its great ability to prevent genetic drift as well as the improvement in the bicriteria among generations.