With the rapid development of vertical takeoff and landing (VTOL) aircraft, the blade design of a propeller suitable for VTOL aircraft with a wide range of operating conditions has become a challenging and popular task. This paper proposes a multi-objective optimization framework for a VTOL propeller using an inverse design method at the cruising stage, which is developed from the Betz optimum theory and blade element momentum theory (BEMT). Different from passing studies, the maximum thrust-to-weight ratio at hover (MTWRH) is taken as one of the two objectives in this paper, which is closely related to the wind-resistance capability and maneuverability during takeoff and landing. The other objective is the energy consumption of the whole mission profile. A fixed pitch propeller (FPP) and a variable pitch propeller (VPP) are both optimized using the proposed framework for the Vahana A3 tilt-wing aircraft and validated by the computational fluid dynamics (CFD) method. The influences of the level flight energy ratio, hover disk loading and cruising speed toward the optimization result are analyzed, respectively. The results show that the MTWRH has a significant impact on the optimization result both for the FPP and VPP. A comparison between the two propeller forms validates the advantages of the VPP both in energy saving and takeoff maneuverability. The quantitative rules of this advantage with the level flight energy ratio are calculated to provide a reference for choosing the appropriate form. Overall, the methodology and general rules presented in this paper support the propeller optimization and form selection for VTOL aircraft.