The present study propose an innovative turn-boring operation method and focuses on finding optimal turn-boring process parameters for 15-5PH Stainless steel by considering multiple performance characteristics using Taguchi orthogonal array with the grey relational analysis, the effect of machining variables such as concentration of cutting fluid , temperature of cutting fluid , feed rate, depth of cut and cutting speed are optimized with considerations of multiple performance characteristics namely surface roughness, roundness error and material removal rate, the optimal values were found out from the Grey relational grade. The result of the Analysis of Variances (ANOVA) is shown that the most significant factor is cutting speed, followed by feed rate, concentration of cutting fluid, radial depth of cut and temperature of cutting fluid. Finally, confirmation tests were carried out to make a comparison between the experimental results and developed model. Experimental results have shown that machining performance in the turn-boring process can be improved effectively through this approach.