In this study, microelectrical discharge machining (μEDM) is used for drilling microholes on a thin sheet of Ti Grade 2 alloy of thickness 50 μm using a tungsten carbide (WC) microtool of diameter 470 μm. The main focus of the study is to understand the electrical and nonelectrical μEDM parameters on the accuracy, precision, and machining efficiency of drilled holes. The controllable process factors such as capacitance, voltage, tool rotation, and feed rate are considered when conducting the experiments based on a Taguchi L16 orthogonal array. The main effect and interaction contour plots have been prepared to investigate the influence of the process parameters on the response measures like material removal rate, overcut, circularity, and taper angle of the drilled holes. Analysis of variance (ANOVA) has been carried out to study the percentage contribution and significance of each process parameter on the performance measures. The micrographic images reveal the quality of the profiles and edges of the drilled holes. Further, the Overall Evaluation Criterion (OEC) is applied for multiparameter optimization.