In this paper, an efficient algorithm based on the Pascoletti-Serafini scalarization (PS) approach is proposed to obtain almost uniform approximations of the entire Pareto front of bi-objective optimization problems. Five test problems with convex, non-convex, connected, and disconnected Pareto fronts are applied to evaluate the quality of approximations obtained by the proposed algorithm. Results are compared with results of some algorithms including the normal constraint (NC), weighted constraint (WC), Ben- son type, differential evolution (DE) with binomial crossover, non-dominated sorting genetic algorithm-II (NSGA-II), and S metric selection evolutionary multiobjective algorithm (SMS-EMOA). The results confirm the effectiveness of the presented bi-objective algorithm in terms of the quality of approximations of the Pareto front and CPU time. In addition, two algorithms are presented for approximately solving fractional programming (FP) problems. The first algorithm is based on an objective space cut and bound method for solving convex FP problems and the second algorithm is based on the proposed bi-objective algorithm for solving nonlinear FP problems. In addition, several examples are provided to demonstrate the performance of these suggested fractional algorithms