This paper investigates the optimal Preventive Maintenance (PM) policy for leased equipment with Weibull lifetime distribution using the failure rate reduction. Failures are repaired by the lesser with minimal repair during leased period. The mathematical model is developed to derive the optimal PM policy such that the expected total cost (includes repair costs, penalties and PM costs) is minimized. The property of the optimal PM policy is investigated and some numerical analyses are provided to illustrate the performance of the optimal policy.