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This paper presents a multiobjective optimization methodology to find the optimal location for an optimal unified power flow controller (OUPFC) device. Moreover, the installation cost function of the OUPFC device is developed.The objective functions are the total fuel cost, power losses, and system loadability with and without the minimum cost of the OUPFC installation. The ε -constraint approach is implemented for the multiobjective mathematical programming formulation. The proposed algorithm is implemented in the IEEE 30-and 118-bus test systems. The solution procedure uses nonlinear programming to optimally locate the OUPFC incorporated in an optimal power flow problem considering these objective functions and improves the operation of the power system. The optimization problem is modeled in the general algebraic modeling system software using a MINOS solver. Furthermore, the results obtained by the OUPFC are compared to those of the phase shifting transformer (PST) and unified power flow controller (UPFC) devices. The performance and applicability of the OUPFC is highlighted compared to the PST and UPFC from an analytical and technical point of view.