This research studies the effects of preventive maintenance and replacement activities on operational costs, overall reliability, and availability of a multi-tasking manufacturing machine. A multi-objective optimization model to find Pareto-optimal preventive maintenance and replacement schedules for a repairable multi-component machine with increasing failure rate is developed. The planning horizon is divided into equally-sized periods in which minimal repairs, full replacement, or do-nothing actions can be performed on each machine’s component. The machine reliability for preventive maintenance aspects, its availability for production purposes, and total operational costs for both preventive maintenance and manufacturing planning are formulated as the objective functions and the multi-objective model is solved using a simulation-based optimization algorithm in real case study. It is shown that the developed mathematical models and the solution method can effectively generate Pareto-optimal preventive maintenance schedules that can be integrated into aggregate production plans.