A novel method has been developed and experimentally verified that can enable a significant part of the steel alloy development procedure to be performed computationally by using the power of a true mathematical evolutionary multi-objective optimization algorithm. During the alloy optimization process, maximized operating temperature, tensile stress, time-to-rupture, and minimized cost and weight were treated as simultaneous often conflicting objectives. Concentrations of most important alloying elements were predicted so that new alloys have the best multiple properties. This alloy design concept was verified using strictly experimental data. The number of required experimental evaluations of the candidate alloys with this optimization approach is very low. This approach has the potential of identifying the new chemical compositions of significantly superior steel alloys with only a few hundred alloy samples.