On-time materials readiness on the sites plays a remarkable role in successful execution of projects. Hence, this paper has addressed concurrent formulation of project scheduling and material procurement by a mixed-integer programming model, aiming to minimize penalty/reward to deliver the project and material holding, ordering, and purchasing costs, respectively. Both all-units and incremental discount approaches are applied here to consider more real purchasing states. A genetic algorithm is used to solve the problems with large sizes, in particular, whose underlying factors are calibrated by the Taguchi method. Finally, the applicability and efficiency of the mathematical model is tested by a set of size-categorized instances.