In line with the objectives of making air transport safer, more efficient, and environmentally friendly through Trajectory Based Operations, a new aircraft performance model has been invented to calculate and optimize free route trajectories considering dynamic weather conditions and multi-criteria target functions. Therefore, the dynamic equation is solved analytically to consider continuous changes in speed and acceleration of this unsteady system. Therewith, the model is based solely on physical functions and calculates only physically possible trajectories. Sixteen aircraft and eighteen engine types are included, the aircraft specific behavior is modeled in detail, and emissions are quantified. Besides a validation, the derivation of several objective functions is shown. Successful trajectory optimization is demonstrated by a variation of the effective variables cruising altitude and target speed. Especially under real weather conditions, aerodynamically derived objective functions cannot be generalized for all aircraft types because in addition to strong wind effects individual aircraft dynamics mainly depend on the drag polar, the maximum Mach number, and the operating empty weight. The model can be used by all participants following Trajectory Based Operations to ensure a continuous recalculation and the exchange of the optimal trajectory in the flight planning phase and during the flight.