Software release planning in software development is to assign its features to releases in a specified planning horizon,satisfying technology, resource, risk, and budget constraints. The release planning problembecomes more complicated when the concept of software product lines (SPL) is considered. In this research, a precedence-constrained multiple 0-1 knapsack problem regarding SPL characteristics is formulated to maximize the objective function depending on the value of the release, the importance of stakeholders, the urgency of a feature and its value to stakeholders. As the optimization solution approach, dynamic programming model is developed to solve the precedence-constrained multiple 0-1 knapsack problem as well as a heuristic and reduction algorithm are applied to reduce the size of the problem at each stage