This chapter explores methods of mine planning and open pit optimization. The chapter begins with real options analysis and strategic mine planning, which establish the long-term direction, vision, and objectives for the mine, ensuring that mineral resource extraction aligns with the corporate business goals and economic conditions. It then delves into medium-term planning, focusing on the scheduling of mining activities over several years, and short-term planning, detailing day-to-day operations and immediate targets. Key techniques for optimizing open pit mines are then introduced, including block valuation, the Lerchs–Grossmann algorithm, and the floating cone method. Block valuation assesses the economic value of blocks of ore and waste to create a value matrix in the geological domain. The Lerchs–Grossmann algorithm and the floating cone method are dynamic processes for determining the optimal pit shell based on the block valuation and subjected to operational constraints. A working example of block valuation is presented to demonstrate the operational processes to search for the optimal open pit using the Lerchs–Grossmann method. These techniques and planning strategies highlight the importance of integrating various planning levels and optimization methods to maximize the value of mining projects.