Based on the established model of the irreversible rectangular cycle in the previous literature, in this paper, finite time thermodynamics theory is applied to analyze the performance characteristics of an irreversible rectangular cycle by firstly taking power density and effective power as the objective functions. Then, four performance indicators of the cycle, that is, the thermal efficiency, dimensionless power output, dimensionless effective power, and dimensionless power density, are optimized with the cycle expansion ratio as the optimization variable by applying the nondominated sorting genetic algorithm II (NSGA-II) and considering four-objective, three-objective, and two-objective optimization combinations. Finally, optimal results are selected through three decision-making methods. The results show that although the efficiency of the irreversible rectangular cycle under the maximum power density point is less than that at the maximum power output point, the cycle under the maximum power density point can acquire a smaller size parameter. The efficiency at the maximum effective power point is always larger than that at the maximum power output point. When multi-objective optimization is performed on dimensionless power output, dimensionless effective power, and dimensionless power density, the deviation index obtained from the technique for order preference by similarity to an ideal solution (TOPSIS) decision-making method is the smallest value, which means the result is the best.