Municipal water mains are built with a target service age of several decades. In such a long life, breaks can occur, even multiple times. Water mains can be maintained before or right at breaks. The former is referred to as the preventive strategy, whereas the latter is the corrective strategy. Depending on the costs of repair, replacement, and failure consequence, different strategies should typically be implemented in order to achieve the optimal watermain management in terms of life cycle costs. This study aims to investigate the optimal scenarios for the two strategies based on a two-time-scale (TTS) point process used to model the deterioration of water mains. The corrective strategy is to determine the optimal number n, where upon the n-th break, implementing a replacement for water main is justified, compared to a minimal repair. The preventive strategy is to determine the optimal replacement time in terms of pipe survival probability Ps. Monte Carlo simulations are used to investigate the optimal n and Ps considering a number of influential factors, including model parameters of the intensity function and ratios of maintenance, replacement, and consequence costs. Then, the full distributions of the life cycle costs are characterized with the mean of total life cycle costs being the target for optimization. Last, a case study is illustrated to demonstrate the application of both strategies in real water systems. An important finding is that with a typical pipe diameter of 400 mm and length of 200 m, the optimal n is typically less than five, and the optimal Ps is below 50%.