Lean and green production was introduced to the western manufacturing industry nearly thirty years ago. The essence of the new business model was to eliminate waste through lean tools according to Taiichi Ohno's eight categories of waste. Many companies became more competitive with waste reduction techniques but some of them faced, and still are facing failures. Such failures are closely related with misapplication of lean and green tools, and its sequential order of implementation. In order to define most powerful lean tools for reduction of certain types of waste, a study was made among lean companies. The concept of a study was to define best lean toolbox for reduction of each category of waste and to determine right sequential order of lean tools implementation. Stepwise multiple regression model revealed that Total Productive Maintenance, Poka-Yoke, Kaizen, 5S, Kanban, Six Big Losses, Heijunka, Takt Time, Andon, OEE, SMED, and KPIs are best waste management techniques. Nevertheless, it has been demonstrated that 5S, Kaizen, Kanban, Poka-Yoke and TPM are highly recommended for start of every lean manufacturing initiative.