The Vehicle On-Board Controller (VOBC) is a core component of urban rail transit trains, with high maintenance costs and serious consequences in case of failure. Ensuring long-term VOBC operation while minimizing maintenance costs is of paramount importance. This paper proposes a multi-objective preventive maintenance (PM) strategy and optimization considering system unavailability and maintenance costs. Firstly, we provide a statement of the problem and analyze the impact of different maintenance actions on VOBC. Next, the decreasing process parameter is introduced to adjust the PM interval dynamically. The mathematical models of system unavailability and maintenance costs are derived to construct a multi-objective PM strategy. Then, we develop a hybrid heuristic algorithm including multi-objective particle swarm optimization and genetic algorithm (MOPSO-GA), which is used to obtain the optimal Pareto frontier for maintenance strategies. In the study, we select maintenance strategies by introducing an aversion factor to fulfill the preferences of different decision-makers. A comprehensive sensitivity analysis is performed to illustrate the impact of several critical parameters on the multi-objective PM strategy. The case study on Beijing subway’s VOBC is also executed. The outcomes indicate that the proposed method can dynamically adjust to match the preferences of diverse decision-makers and the MOPSO-GA algorithm has excellent robustness on most parameters. This approach allows for creating field maintenance strategies catering to the varied maintenance requirements of urban rail transit VOBC.