The deformation energy in single point incremental forming has an immediate impact on the processing cost, the heat and the wear effects between the tool and the formed material. Meanwhile, poor forming quality is still one of the largest challenges for the development and commercialization of this method. Therefore, the goal of this study is to search for the optimal working condition for lower energy consumption with better forming quality during the forming process. A Box-Behnken design for a cone parts forming process has been performed. The effects of four input parameters (step down, tool diameter, wall angle, and initial sheet thickness) on three outputs-deformation energy, surface roughness, and geometric error-have been investigated. With the target of minimal synchronization of deformation energy consumption, surface roughness, and geometric error, which are 1522.4 J, 0.97 mm, and 1.939 mm, respectively, in this case, four processing parameters were optimized with tool diameters as 16 mm, step down as 0.5 mm, sheet thickness as 0.57 mm, and wall angle as 65°. With optimization of deformation energy and surface roughness, in conjunction with geometric error compensation, an increased accuracy of the resulting parts can be obtained with minimum deformation energy and surface roughness.