This paper presents a two-stage stochastic planning model for transmission systems and distributed energy resources (DERs) considering power system resiliency. The model takes into account both normal and emergency conditions as well as the duration of each condition. The proposed model is formulated as a mixed-integer linear program to minimize the total investment cost of transmission lines and DERs, expected values of generators’ operation cost in normal and emergency situations, and load shedding cost in emergency condition. The emergency scenarios are considered as moderate, severe, and complete damage states, which have different recovery times for transmission assets. The Benders decomposition technique is utilized to solve the optimization problem. Numerical results are demonstrated based on the IEEE 118-bus test system.