Owing to the advancement in the field of materials, different range of grades have been developed. The machinability examination of these newer grades must be carried out for future applications. One such newer grade of magnesium with AZ31 is deemed for study during the drilling process. The independent parameters considered are spindle speed (SS), feed rate (FR) and drill bit diameter (DBD). The dependent parameters considered are burr height (BH), burr thickness (BT), drilling time (DT) and surface roughness (SR). Improving hole accuracy is essential for manufacturing superior products, which is discussed in this work. At the same time, the machining time has also to be minimized to increase the production rate. With these objectives, the experimental investigation is made. Further, an analytical model for predicting the responses is developed; later, optimization is carried out to obtain the desired responses through the desirability function approach. The multi-objective optimization suggests the SS of 1100rpm, the FR of 0.198mm/rev., and the DBD of 6mm for reducing the entire dependent is reckoned.