Hazardous　material　transportation　is　well-known　for　its　high　potential　risk.　Minimizing　the　transportation　risk　is　an　important　issue　for　hazardous　material　transportation.　This　paper　focuses　on　a　novel　algorithm　for　the　hazardous　material　transportation　problem　via　lane　reservation,　whose　goal　is　to　obtain　a　best　compromise　between　the　impact　on　normal　traffic　due　to　lane　reservation　and　the　transportation　risk.　Firstly,　a　bi-objective　integer　programming　model　for　the　considered　problem　is　formulated　and　transformed　into　a　series　of　single　objective　models　by　epsilon-constraint　method.　For　the　transformed　single　objective　models,　a　cut-and-solve　and　cutting　plane　combined　method　is　proposed　to　reduce　the　computational　time.　The　performance　of　the　proposed　algorithm　is　evaluated　by　an　instance　using　a　real　network　topology　and　randomly　generated　instances.　Computational　results　demonstrate　that　the　cut-and-solve　and　cutting　plane　combined　method　runs　faster　than　direct　use　of　software　package　CPLEX.