In the last decade environmental concerns, legislative measures and growing public awareness about the environmental consequences of waste disposal and extraction of natural resources have led to an increase in recycling and reuse efforts. However, both recycling and reuse require appropriate reverse logistics network structure, as well as adequate realization of logistics processes in such a network. The focus of this paper is to consider the problem of waste materials collection processes, which comprises pick-up recyclables from collection points and transferring them to a recycling facility. Because the recyclables value is relatively low, realization of reverse logistics processes, particularly those related to its collection, introduces the relatively high costs. On the other side, efficient and cost effective recycling in treatment facilities requires adequate supply with collected recyclables. Therefore, having in mind experience from forward supply chain management, and potentials of joint coordination of transportation and inventory decisions, this research introduces planning methodology to optimization of recyclable collection processes. That is, our intention is to propose modeling approach that simultaneously considers collection vehicles scheduling, and recyclables inventories optimization. Furthermore, as some of recyclables could be hazardous materials, risk minimizing criterion has been also considered.