The cold roll-beating forming (CRBF) process is a particular cold plastic bulk forming technology for metals that is adequate for shaping the external teeth of important parts. The process parameters of the CRBF process were studied in this work to improve the process performance. Of the CRBF process characteristics, the forming forces, tooth profile angle, surface roughness, and forming efficiency were selected as the target indices to describe the process performance. Single tooth experimental tests of ASTM 1045 steel were conducted with different roll-beating modes, spindle rotation speeds, and feed speeds. Using analysis of variance (ANOVA) and regression analysis, the influence of the process parameters in each index was investigated, and regression models of each index were established. Then, the linear weighted sum method and compound entropy weight method were used to determine the process parameters for multi-objective optimization. The results show that the impact capacity and optimum value range of the process parameters vary in different indices, and that, to achieve the comprehensive optimum effect of a small forming force, high product quality, and high forming efficiency, the optimal process parameter combination is the up-beating mode, a spindle rotation speed of 801 r/min, and a feed speed of 960 mm/min.