The increasing demand for energy is leading to global depletion of fossil fuels and growing environmental pressures, which are issues that need to be addressed. Machine tools are basic energy-consuming equipment in manufacturing systems. However, existing theoretical models ignore tool wear as well as workpiece material properties. This makes it difficult to further improve the accuracy of the model. Therefore, this study begins with the point of view of energy dissipation in the metal material removal process. A milling power model for computer numerical control (CNC) machines, considering tool wear and workpiece material properties during machining, is established. At the same time, milling is taken as the research object. A multi-objective cutting parameter optimization model is established to ensure the surface quality of the workpiece. In addition, the cutting energy consumption is taken into account in the developed models. Based on the multi-objective manta ray foraging optimization algorithm (MOMRFO), the Pareto-optimal solution set under multiple cutting conditions is solved. Finally, the experimental results of optimized parameters are compared with empirical parameters. The average prediction accuracy of the proposed energy consumption prediction model is above 91%. The experiments show that machining quality improves by optimizing the cutting parameters, with SEC, MRR, and Ra increasing by more than 44%, 53%, and 38%, respectively. The goals of reducing energy consumption and increasing productivity are achieved.