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The widespread activities in water resources exploitation and use require sound research programs on planning and management of conjunctive use of surface and ground-water. Conjunctive management is a suitable approach for the imbalanced water resources distribution and related constraints in using surface water. In this paper, a multi-objective model is developed to maximize the minimum reliability of the system and to minimize the costs due to failure to supply water, aquifer storage, failure to cope with reservoir capacity, and prioritizing water allocations. The non-dominated sorting genetic algorithm (NSGA-II) is used to present the optimal trade-off between the objectives. The sequential genetic algorithm (SGA) is also applied in order to be compared with the NSGA-II model. The results show that the NSGA-II model can considerably reduce the computational cost of the conjunctive use models in comparison with the SGA optimization model. The obtained trade-off curve shows that a slight increase in reliability leads to much higher system costs. The weighted single objective SGA model results verify the optimal trade-off obtained from NSGA-II model and show the optimality of the allocated discharges.