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In Drilling is the important machining process in manufacturing industry. Optimization of process parameters during drilling operation has been key research in recent times. Over the years, many methods were proposed for optimization of process parameters during drilling which are aimed to get good surface finish, good quality hole, good material removal rate etc. In this regard the present work focuses on comparative study on effect of process parameters during conventional drilling and Abrasive water jet drilling. In this particular work different process parameters such as Material, thickness, speed is taken. Experiments are conducted according to L9 Orthogonal array both on conventional and Abrasive water jet drilling. The final results of Material Removal Rate and Hole taper are subjected to statistical analysis in Minitab19 software and Regression Analysis whose results are analyzed and compared to give conclusions.