Completing a construction project on time and within budget is of great importance in the construction industry. To achieve this goal, a construction plan satisfying the time and cost constraints is crucial. While a rich amount of literature on the time-cost trade-off scheduling and time/cost optimization scheduling has been presented, developing a construction plan for the time and cost-constrained construction project has not been fully explored. This study presented a hierarchical task network (HTN) based construction planning model to fill this gap. First of all, a knowledge formalism catering to the HTN planning was provided to accommodate the construction planning knowledge. Then, the planning process was explained in detail, including temporal reasoning used to sequence the construction activities, and backtracking evasion mechanism used to avoid the trouble of backtracking due to inappropriate selection of execution modes for construction activities. Finally, two sets of comparisons based on a fictional construction project were performed, the results of which demonstrate that the time and budget constraints have an impact on the section of execution modes for construction methods, and the proposed planning model can develop construction plan that satisfies the specified deadline and budget limitations effectively regardless of the existing of backtracking.