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This paper aims at providing a fast near‐optimum solution to the multi‐mode resource‐constrained project scheduling problems (MRCPSPs), for projects with activities that have known deterministic renewable and nonrenewable resource requirements. The MRCPSP is known to be nondeterministic polynomial‐time hard and has been solved using various exact, heuristic, and meta‐heuristic procedures. In this paper, a modified variable neighborhood search heuristic algorithm is used as an advanced optimization technique that suits scheduling problems. For the experimental study, we have considered a standard set of 3929 multi‐mode benchmark instances from the project scheduling library with a range of projects comprising 10–30 activities. Moreover, for a better comparison, this research also considers a standard set of 4320 newly developed multi‐mode instances from MMLIB50, MMLIB100, and MMLIB …