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This paper presents a methodology for maintenance scheduling (MS) of generators using binary particle swarm optimization (BPSO) based probabilistic approach. The objective of this paper is to reduce the loss of load probability (LOLP) for a power system. The capacity outage probability table (COPT) is the initial step in creating maintenance schedule using the probabilistic levelized risk method. This paper proposes BPSO method which is used to construct the COPT. In order to mitigate the effects of probabilistic levelized risk method, BPSO based probabilistic levelized risk method is embarked on a MS problem. In order to validate the effectiveness of the proposed algorithm, case study results for simple five unit system can accomplish a significant levelization in the reliability indices that make possible to evaluate system generation system adequacy in the MS horizon of the power system. The proposed method shows better performance compared with other optimization methods and conventional method with improved search performance.