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This article deals with cost optimization of one-way concrete slabs according to the most recent American Concrete Institute code of practice (ACI 318-M08). The objective is to minimize the total cost of the slab including costs of concrete and reinforcement bars while satisfying all the design requirements. Particle Swarm Optimization (PSO) is used for solving the constrained optimization problem. As PSO is designed for unconstrained optimization problems, a multi-stage dynamic penalty was also implemented to solve the constrained optimization problem. Cost optimization of four different slabs with different support conditions are illustrated and the results of the optimum design results are compared with exis ting methods in the literature. A sensitivity analysis of optimal designs was also performed by optimizing the four examples for different span lengths between 2 to 5 meters to investigate the effect of span length on optimal costs and optimal reinforcement ratios. The results demonstrate that PSO is a promising method in design optimization of structural elements.