The fault current limiter (FCL) is an effective measure for improving system stability and suppressing short-circuit fault current. Because of space and economic costs, the optimum placement of FCLs is vital in industrial applications. In this study, two objectives with the same dimensional measurement unit, namely, the total capital investment cost of FCLs and circuit breaker loss related to short-circuit currents, are considered. The circuit breaker loss model is developed based on the attenuation rule of the circuit breaker service life. The circuit breaker loss is used to quantify the current-limiting effect to avoid the problem of weight selection in a multi-objective problem. The IEEE 10-generator 39-bus system in New England is used to evaluate the performance of the proposed genetic algorithm (GA) method. Comparative and sensitivity analyses are performed. The results of the optimized plan are validated through simulations, indicating the significant potential of the GA for such optimization.