In order to solve the problems of high school operating costs and poor school bus service quality due to the scattered distribution of bus stops in rural areas, a multi-objective SBRP model was developed for the mixed-load and no mixed-load scenarios. In the no mixed-load scenario, a model of the SBRP is developed to optimize the student travel cost and school operation cost, while in the mixed-load scenario, a model of the SBRP is developed to consider the input cost and operation cost of the school bus. Tests were conducted on an international benchmark case. Several heuristic algorithms were compared, and the annealing algorithms were selected to solve the models. Different search operators were introduced to solve the models constructed under different scenarios, and the experimental results proved the efficacy of the constructed models, which can improve school bus quality of service and reduce operating costs in rural areas.