With the increasing demand for chemical products in China, how to manage the risks associated with hazardous freight transportation has attracted arising attentions from both government and industry practitioners. From the perspective of carrier companies, transportation modal choice and routing for hazardous freight transportation need to be carefully designed, which motivates current research. This paper aims to optimize the service mode and routing for hazardous freight transportation in a rail-truck network with bi-objectives optimization approach. Several practical concerns are addressed, including the coordination of rail transportation which has fixed train running plan and road transportation which is flexible and mobile, and the consideration of alternative path when the expressway is temporally blocked for hazardous freight due to the traffic restriction measurements on inter-city road segments. Furthermore, the time-varying transportation risks and costs associated with accidents of hazardous freight transportation are investigated. The Max-Min Ant-colony Algorithm (MMAS) algorithm is adopted for solution. For model validations and conclusion generalization, this paper implements a real-life case study in Beijing-Tianjin-Hebei region in China with the objective of minimizing transportation risks and costs. The solutions show that traffic restrictions have an adverse impact on the carrier and alternative paths are able to help the carriers further optimize their routing strategy. A careful consideration and appropriate processing of differences in operational characteristics of two transportation modes, is able to provide a better and more realistic understanding of rail-truck hazardous freight transportation problem.