Optimal application of pavement preservation or preventive maintenance is critical for highway agencies to allocate the limited budget for different treatments. This study developed an integrated life-cycle cost analysis (LCCA) model to quantify the impact of pavement preservation on agency cost and vehicle operation cost (VOC) and analyzed the optimal timing of preservation treatments. The international roughness index (IRI) data were extracted from the long-term pavement performance (LTPP) program specific pavement studies 3 (SPS-3) to determine the long-term effectiveness of preservation treatments on IRI deterioration. The traffic loading and the initial IRI value significantly affects life extension and the benefit of agency cost caused by pavement preservation. The benefit in VOC is one to two orders greater in magnitude as compared to the benefit in agency cost. The optimal timing calculated based on VOC is always earlier than the optimal timing calculated based on agency cost. There are considerable differences among the optimal timing of three preservation treatments.