Network topology management is one of the critical concerns when designing a Wireless Sensor Network (WSN). In this research, four basic factors including the total production cost, sensing coverage, network connectivity and fault tolerance are considered. A mathematical model is proposed to optimize four optimization metrics corresponding to the four design factors. This approach attaches a weighting coefficient to each optimization metric to adjust their importance in the optimization model. To solve the proposed model, an Ant Colony Optimization (ACO) based metaheuristics method, called MAX–MIN Ant System (MMAS) is used. In the experiment, Greedy algorithm (Greedy) and Genetic Algorithm (GA) are also adopted to solve the proposed model. The results indicate that MMAS shows a satisfactory performance on solving the proposed model, which there is an improvement on the number of sensor nodes comparing to the result of Greedy, and a better fitness value than the result of GA.