Aiming at the complexities such as huge solution space and many decision-making objectives in the system of armament systems portfolio planning, an integrated decision making and optimization framework is proposed to select the models from the candidate armament systems, and to plan the development time and production quantity of the selected armament systems. By quantitatively describing and formulating the system of armament systems portfolio planning, and focusing on the NP-hard and the large-dimensional multi-objective nature firstly; a dual-objective optimization model was proposed through adopting the goal programming method; an intelligent optimization approach was developed based on the NSGA-II evolutionary computation method, in order to obtain the Pareto solutions set thirdly; the TOPSIS method was applied to acquire the compromise solution finally. A portfolio planning example on a system of intelligence, surveillance, and reconnaissance systems validated the effectiveness of the framework. When given empirical data and decision-makers preferences, the framework can get the satisfactory portfolio plan, which supports the demonstration and development for the system of armament systems.