Cloud computing is more popular because of efficient way of providing services to the customers on demand and efficient usage of the resources. From the cloud provider's scenario profit is the ultimate goal and is determined by the system configuration of the cloud environment and from the customers point of view the payment to the provider is to be minimized. Many cloud providers adopt a long-term renting scheme from their customers, but it can't assure the guarantee on the service quality and it leads to a serious wastage of resources. The present research paper optimizes the sort term and long term pricing strategy to generate maximum profit by the cloud providers by maintaining the quality of services.