Products with high reliability and long lifetimes undergo different types of stresses in use conditions. Often there are multiple performance indicators for products that gradually degrade over time. An accelerated degradation test (ADT) with multiple stresses and multiple degradation measures (MSMDM) may provide a more accurate prediction of the lifetime of these products. However, the ADT requires a moderate sample size, which is not practical for newly developed or costly products with only a few available test specimens on hand. Therefore, in this study, a step‐stress ADT (SSADT) with MSMDM is developed. However, it is a difficult endeavor to design SSADT with MSMDM to predict accurate reliability estimation under several constraints. Previous methods are used only for cases with a single stress or degradation measure, and are not suitable for SSADT with MSMDM. In this paper, an approach of optimal design is proposed for SSADT with MSMDM and its steps for a rubber sealed O‐ring are demonstrated to illustrate its validity. Results of the sensitivity analysis for the optimal test plan indicate robustness when the deviation of model parameters is within 10% of the estimated values. Copyright © 2017 John Wiley & Sons, Ltd.