Problem statement:Voltage instability and voltage collapse have been considered as a major threat to present power system networks due to their stressed operation. It is very important to do the power system analysis with respect to voltage stability. Approach: Flexible AC Transmission System (FACTS) is an alternating current transmission system incorporating power electronic-based and other static controllers to enhance controllability and increase power transfer capability. A FACTS device in a power system improves the voltage stability, reduces the power loss and also improves the load ability of the system. Results: This study investigates the application of Particle Swarm Optimization (PSO) and Genetic Algorithm (GA) to find optimal location and rated value of Static Var Compensator (SVC) device to minimize the voltage stability index, total power loss, load voltage deviation, cost of generation and cost of FACTS devices to improve voltage stability in the power system. Optimal location and rated value of SVC device have been found in different loading scenario (115%, 125% and 150% of normal loading) using PSO and GA. Conclusion/Recommendations: It is observed from the results that the voltage stability margin is improved, the voltage profile of the power system is increased, load voltage deviation is reduced and real power losses also reduced by optimally locating SVC device in the power system. The proposed algorithm is verified with the IEEE 14 bus, IEEE 30 bus and IEEE 57 bus.