Congestion management is a vital part of power system operations in recent deregulated electricity markets. However, after relieving congestion, power systems may be operated with a reduced voltage or transient stability margin because of hitting security limits or increasing the contribution of risky participants. Therefore, power system stability margins should be considered within the congestion management framework. The multi-objective congestion management provides not only more security but also more flexibility than single-objective methods. In this paper, a multi-objective congestion management framework is presented while simultaneously optimizing the competing objective functions of congestion management cost, voltage security, and dynamic security. The proposed multi-objective framework, called modified augmented c-constraint method, is based on the augmented c-constraint technique hybridized by the weighting method. The proposed framework generates candidate solutions for the multi-objective problem including only efficient Pareto surface enhancing the competitiveness and economic effectiveness of the power market. Besides, the relative importance of the objective functions is explicitly modeled in the proposed framework. Results of testing the proposed multi-objective congestion management method on the New-England test system are presented and compared with those of the previous single objective and multi-objective techniques in detail. These comparisons confirm the efficiency of the developed method. Crown Copyright (C) 2010 Published by Elsevier Ltd. All rights reserved.