Public transportation system is one of the most effective ways to conserve energy and reduce carbon emissions. However, the traditional public transportation system does not provide customized service and cannot guarantee the arrival time to destination. To address these issues, we formulate the minimum shared bus scheduling problem to minimize the number of shared buses such that all orders can be completed under constraints of deadlines and capacity of shared bus. We propose the approximation algorithms, S‐MBSA for the shared bus with strong endurance and E‐MBSA for the large‐scale order scenario, to solve the minimum shared bus scheduling problem. We further formulate the constrained maximum revenue shared bus scheduling problem to maximize the revenue under the limited number of shared buses, and propose an approximation algorithm, CMRBSA, to find the shared bus route schedules. Through the extensive simulations, we demonstrate the significant superiority of S‐MBSA and E‐MBSA in terms of number of shared buses. Furthermore, CMRBSA outperforms the benchmark algorithms significantly in terms of revenue.