This paper aims to develop a deteriorated bridge maintenance strategy that ensures the safe operation of steel structures and minimizes the total risk. Five common failure modes are considered for the deteriorated bridge: flexure, shear, deflection, fatigue failure for girder, and chloride attack for the concrete deck. Time-dependent and system reliability analyses are carried out to find the probability of failure under these failure modes. Risk-cost optimization is then used to determine the maintenance strategy. This method was applied to a working example. It was found that the developed maintenance strategy can predict when, where, and what to maintain for a bridge to ensure its safe and serviceable operation during its lifespan. The proposed methodology can help structural engineers and asset managers repair and maintain bridges under deterioration.