In order to control the precision forging forming quality and improve the service life of die, a multiobjective optimization method for process parameters design was presented by applying Latin hypercube design method and response surface model approach. Meanwhile the deformation homogeneity and material damage of forging parts were proposed for evaluating the forming quality. The forming load of die was proposed for evaluating the service life of die. Then as a case of study, the radial precision forging for a hollow shaft with variable cross section and wall thickness was carried out. The 3D rigid-plastic finite element (FE) model of the hollow shaft radial precision forging was established. The multiobjective optimization forecast model was established by adopting finite element results and response surface methodology. Nondominated sorting genetic algorithm-II (NSGA-II) was adopted to obtain the Pareto-optimal solutions. A compromise solution was selected from the Pareto solutions by using the mapping method. In the finite element study on the forming quality of forging parts and the service life of dies by multiobjective optimization process parameters, the feasibility of the multiobjective optimization method presented by this work was verified.