Shale gas energy is the most prominent and dominating source of power across the globe. The processes for the extraction of shale gas from shale rocks are very complex. In this study, a multiobjective optimization framework is presented for an overall water management system that includes the allocation of freshwater for hydraulic fracturing and optimal management of the resulting wastewater with different techniques. The generated wastewater from the shale fracking process contains highly toxic chemicals. The optimal control of a massive amount of contaminated water is quite a challenging task. Therefore, an on-site treatment plant, underground disposal facility, and treatment plant with expansion capacity were designed to overcome environmental issues. A multiobjective trade-off between socio-economic and environmental concerns was established under a set of conflicting constraints. A solution method—the neutrosophic goal programming approach—is suggested, inspired by independent, neutral/indeterminacy thoughts of the decision-maker(s). A theoretical computational study is presented to show the validity and applicability of the proposed multiobjective shale gas water management optimization model and solution procedure. The obtained results and conclusions, along with the significant contributions, are discussed in the context of shale gas supply chain planning policies over different time horizons.