To control the precision forging product forming quality, a multi-objective optimization method for process parameters design was proposed by applying Latin hypercube design method and response surface model approach. Meanwhile, the deformation homogeneity and material damage of forging product was first presented for evaluating the forming quality. Then, as a case of study, the radial precision forging for a hollow shaft with variable cross section and wall thickness was carried out. The 3D rigid-plastic finite element (FE) model of the radial precision forging was established. The parameters on the forming quality evaluation function study were discussed to investigate the multi-objective optimization model. Non-dominated sorting genetic algorithm-II (NSGA-II) was adopted to obtain the Pareto-optimal solutions. A compromise solution was selected from the Pareto solutions by using the mapping method. Experiments with the same parameter settings were compared with the simulations. After conducting radial forging and mechanical property experimental study on the forging product by multi-objective optimization process parameters, the feasibility of the multiobjective optimization method for the precision forging product forming quality was verified.