Hoist scheduling in electroplating operations has long been considered a key factor for improving the production rate. It has recently been recognized that hoist scheduling can also play an important role in waste minimization. In this work, a new hoist scheduling method is introduced for simultaneously achieving both the economic and environmental goals. A two-step dynamic optimization algorithm is introduced for identifying an optimal hoist schedule that can minimize the quantity and toxicity of wastewater streams from an electroplating line without loss of production rate. To improve computational efficiency, an engineering approach is adopted to reduce the number of binary decision variables in the optimization problem. An application to an actual electroplating process shows a significant reduction of both chemical and water consumption, which equates to a simultaneous realization of wastewater reduction and increase of profits.