This paper employs bi-level programming method to outline a multi-modal, elastic, equilibrium transportation model for strategic traffic management, in which multi-pricing scheme (bus tolling, congestion pricing and traffic pollution pricing) to optimize urban transportation are explicitly included. Upper-level of the model includes multi traffic objectives, such as maximizing consumer surplus, minimizing traffic pollution and decreasing bus subsidy. The lower-level problem of the model describes a multi-modal traffic system equilibrium model, which includes three equilibrium, such as private transport equilibrium, public transport equilibrium and equilibrium between private and public transport system. It uses theoretical and empirical results from the literature to Guangzhou as a typical case.