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As a new form of support contract, performance-based contracting (PBC) has been extensively adopted in industry and manufacturing recent years. However, maintenance optimization problems under PBC have not received enough attention. In order to further expand the application of PBC in the field of maintenance optimization, we investigate the condition-based maintenance (CBM) optimization for gamma deteriorating systems under PBC. Considering the repairable single-component system subject to the gamma degradation process, this paper proposes a CBM optimization model with an objective of maximizing the profit and improving system performance at a lower cost under PBC. In the proposed CBM model, first inspection interval is considered to reduce the inspection frequency and the cost. Then, a particle swarm algorithm (PSO) and related solution procedure are presented in order to solve the multiple decision variables in our proposed model. Finally, a numerical example is provided to illustrate the applicability and effectiveness of our proposed model. Through comparing the proposed policy with the conventional one, the superiority of our proposed policy is proved, which can bring more profits to providers and improve performance. Sensitivity analysis is conducted to investigate the effect of corrective maintenance cost and time required for corrective maintenance to optimization policy. Comparative study is given to illustrate the necessity of distinguishing first inspection interval and repeat inspection interval.