In this article, new research on the multi-objective optimization of the process parameters applied to enhance the efficiency in the shoe-type centerless grinding operation for the inner ring raceway of the ball bearing made from SUJ2 alloy steel is presented. The four important input parameters for this process, which included the normal feed rate of fine grinding (Snf), the speed of the workpiece (Vw), the cutting depth of fine grinding (af), and the number of ground parts (Np), were investigated. The aim of the study was to find the most appropriate value set of process parameters in order to, simultaneously minimize the grindstone wear (Gw), maximize the material removal rate (MRR) and the total number of ground parts in a grinding cycle (N’p), while guaranteeing other technology requirements such as surface roughness Ra ≤ 0.5 (µm), oval level Op ≤ 3 (µm), etc. In order to solve the problem, based on the experimental data, in which the grindstone wear was measured online by a measuring system consisting of two pneumatic probes, the optimization of the target functions of Gw, N’p, and MRR and mathematical models that express the dependencies of outcome parameters Gw, Ra, Op, MRR, etc. on the process parameters were determined. Therefore, a global optimal solution of such a discrete and nonlinear multi-objective optimization problem was solved by using a genetic algorithm, presenting the most appropriate process parameters as follows: Snf = 15.38 (µm/s), Vw = 6.00 (m/min), af = 11.76 (µm), and Np = 20 (parts/cycle). In addition, the impact of the four process parameters (Snf, Vw, af, Np) on the wear of the grinding wheel (Gw), the oval level of parts (Op), and the surface roughness of parts (Ra) was evaluated. The discovered technology mode has been applied to the real machining process for the inner ring raceway of the 6208_ball bearing made from SUJ2 alloy steel, and the outcome showed a much better result in comparison with default setting modes, while still ensuring the technology requirements. The difference between the predicted values and the real values of the parameters Gw, Ra, Op, and MRR were controlled within 5% of the ranges.