This chapter delves into the optimization of underground mine planning and scheduling, focusing on enhancing the value of underground mining projects through the life of mine (LOM) optimization and advanced mathematical programs. It begins with a detailed case study of a coal deposit using the room and pillar mining method, demonstrating the application of the discounted cash flow rate of return (DCF-ROR) to optimize project value. The case study covers mining method selection, room and pillar dimensions design, NPV modeling of multiple LOM scenarios, designs of underground mine development and mining layout, equipment selection, cost estimation, and the determination of the optimal LOM. Furthermore, the chapter introduces various mathematical programming techniques for underground mine optimization. This includes linear, mixed integer, nonlinear, and stochastic programs aimed at optimizing different aspects of mine planning, such as resource allocation, stope layout, production scheduling, and the integration of multitime horizon mine planning. A practical example is presented to demonstrate the application of linear programming for optimizing ore blending under different ore grade, production, and price scenarios.