Topology and Parametric Optimization are two of the most implemented material optimization approaches. However, it is not clear in the literature which optimization procedure, or possible combination of them, can lead to the best results based on material reduction and optimization time. In this paper, a quantitative comparison of different topology and parametric optimization design processes is conducted using three benchmark examples: A Hollow Plate, an L-Bracket, and a Messerschmitt–Bölkow–Blohm Beam (MBB-Beam). Ten different design processes that were developed in each case study resulted in 30 simulations in total. The design processes were clustered in three main design workflows: The Topology Optimization, the Parametric Optimization, and the Simultaneous Parametric and Topology Optimization. Their results were compared with respect to mass, stress, and time. The Simultaneous Parametric and Topology Optimization approach gave the lightest design solutions without compromising their initial strength but also increased the optimization time. The findings of this paper will help the designers in the pursuit of lightweight structures and will create the basis for the identification of the ideal material optimization procedure.