According to irreversible Diesel cycle (DC) model considering finite piston speed (FPS) established in previous literature, expression for cycle efficient power is obtained firstly by using theories of finite-time thermodynamics (FTT) and FPS thermodynamics (FPST) herein. Impacts of piston speed ratio and piston speed on characteristics of efficient power vs. compression ratio and efficient power vs. efficiency are analyzed, and secondly, taking compression ratio, piston speed and piston speed ratio as design variables, taking dimensionless power, thermal efficiency, dimensionless efficient power and dimensionless ecological function as optimization objectives (OOBs) and applying NSGA-II to perform multi-objective optimization (MOO) for DC performances. Deviation indices (DIs) of different OOB combinations under three decision-making methods of TOPSIS, LINMAP and Shannon entropy are compared, and combination with the smallest DI and the most ideal design scheme are obtained. The study’s findings indicate that when piston speed ratio and piston speed are constants, efficient power first enlarges and then diminishes with enlargement of compression ratio, and there is an optimal compression ratio to maximize efficient power. When four-objective optimization is performed, compression ratio is mainly distributed between 20 and 50, piston speed is mainly distributed between 15 and 44 m s–1, and piston speed ratio is mainly distributed between 0.1 and 0.3. The most important contribution herein is to introduce NSGA-II algorithm, to select three optimization variables and four OOBs, and to realize performance optimizations with 15 OOB combinations for FPS and FTT irreversible DC.