The current work presents an optimization approach for improving stainless steel's performance and environmental impact. A Taguchi-based grey relational analysis is used to determine the optimal alloy design of six stainless steels (304, 316L, 904L, 2304, 2205, 2507). The alloy design of a multivariable system (C, Mn, Cr, Ni, N, Mo, and Cu) is initially formulated based on the Taguchi orthogonal array. It combines the multiperformances (pitting corrosion resistance, proof strength, tensile strength, and greenhouse gas emissions) to determine a numerical score and suggests the optimal combination of alloy contents. The results are further analyzed using a range analysis to detect the significance of each alloy parameter and its level. The results show that nitrogen plays the most important role in determining the stainless steel's combined performance. Besides, the optimum alloy design consists of a high content of nitrogen, chromium, molybdenum, and copper combined with a low content of nickel. The study has a focus on proposing the systematic approach, Taguchi-based grey relational analysis, to optimize the stainless steel's different mechanical properties with respect to environmental impact.