In manufacturing industries, WC–Co composite material is highly demanded due to its excellent properties such as toughness with hardness, good dimensional stability, and higher mechanical strength. However, the difficulties in its machining restrict the application and competitiveness of this material. This investigation is aimed at studying the impact of different experimental conditions (by varying cobalt content, thickness of workpiece, tool geometry, tool material, abrasive grit size, and power rating) on responses of interest (cutting ratio, overcut, and taper angle) in ultrasonic drilling of WC–Co composite material. The experiments have been planned using Taguchi’s L-36 orthogonal array, and analytic hierarchy process–based technique for order preference by similarity to ideal solution has been applied for optimization of multiple responses. Analysis of variance is also employed to identify the significant factors and the optimized process settings for the different responses. The experimental results showed that abrasive grit size and power rating are most influential for cutting ratio, overcut, and taper angle.