Today's dynamic environment and increasing demand for highly customized products have significantly increased the number of companies operating in the project environment. Project planning and scheduling are one of the major problems faced by managers due to resource constraints. Enterprises have to execute several projects simultaneously while sharing limited resources (i.e., human resources, equipment, and budget) among the projects to effectively meet the deadlines. Therefore, this work investigates the integrated planning and scheduling problem of multiple projects with different release dates and execution modes while considering the renewable and non-renewable resource constraints. Moreover, the raccoon family optimization (RFO) algorithm is proposed to maximize the net profit while considering the early completion bonus, penalty cost, and resource costs. In the proposed RFO algorithm, greedy search and modified genetic operators are introduced to enhance the performance and efficiency. Effectiveness of the proposed RFO algorithm is compared with the genetic algorithm (GA), raccoon optimization algorithm (ROA), and artificial bee colonial (ABC) algorithm on test cases as well as an industrial case study. The results indicate that the proposed RFO algorithm outperforms the other compared algorithms, both in terms of effectiveness and efficiency. INDEX TERMS Project planning and scheduling, multiple projects, resource constraint, execution modes, Raccoon family optimization algorithm.