Marine transportation is still the primary source of global transportation. The propeller, which is a critical componentof the propulsion system, must be designed with multiple constraints and objectives to satisfy the need. Recent studies propose that utilizing an improved optimization algorithm and computational analysis would explore better designs than conventionalmethods. In the present study, Elitist Particle Swarm Optimization (EPSO) technique is implemented to optimize the design ofa marine propeller. Potsdam’s Conventional Propeller VP 1304 is used as a benchmark design case. Reynold’s Averaged NavierStokes equation based Computational Fluid Dynamics (CFD) along with Vortex Lattice Method (VLM) and Fluid StructureInteraction (FSI) model is used for computational analysis. The results obtained in this study are validated against the previously published experimental data. An optimized propeller design is proposed based on the Elitist Particle Swarm Optimization technique.It is observed that the proposed design shows improved open water performance for lower advance coefficient (J) valuesbased on the given constraints. It’s also observed that open water efficiency is improved by 7 percent for J=0.6 compared tothe original design. The one-way Fluid Structure Interaction analysis shows that the proposed design is structurally stable underopen water test conditions