In this work we present for the first time a methodology to simultaneously optimize the composition of aerosol propellant mixes for consumer products, considering economical, safety, and environmental objectives. Selection of the suitable components for the propellant mix follows a decomposition approach that takes into account product and package compatibility, the regulatory framework, and the type of propellant. An inherent safety approach is considered for the safety objective. The core of the mathematical model is the multicomponent vapor–liquid equilibrium using the Peng–Robinson–Stryjek–Vera cubic equation of state. The optimization problem is defined as a multi-objective mixed-integer nonlinear programming model solved using the ϵ-constraint method. The application of the methodology is demonstrated with a case study for an underarm deodorant formulation. One propellant mix is obtained from the Pareto front as the best compromise of the three objective functions. The rationale to choose a different solution, based on stakeholder’s preferences, is discussed.