As the global demand for energy rises, power system networks are teetering on the verge of collapsing owing to a compromise in system stability. During system disturbances, the network's inability to supply adequate reactive power causes instability and eventual collapse. As such, optimized generation scheduling during system disturbances can improve the utilization of the power plants while lowering power loss, improving voltage regulation, reducing branch loading, and ensuring the secure operation of system equipment. Since power systems have conflicting and multiple objectives, this study proposes a multiobjective optimal power flow incorporating three objective functions: generation cost, power loss, and the maximum value of the line Voltage Collapse Proximity Index. The Multiobjective Particle Swarm Optimization Algorithm is used to minimize these objectives on the IEEE 30-bus system for different case studies in normal, contingency, and stressed system conditions. Fuzzy Decision Theory is utilized for obtaining the best compromise solutions amongst a set of Pareto optimal solutions. The results show that the voltage stability of the system is improved by an average of 63.09% during system disturbances with multiobjective optimization. Simultaneous optimization of the three objective functions provides the most voltage stable condition for all system conditions, preventing possible collapse.