This paper focuses on the multiple performance analysis in machining characteristics of drilling Hybrid Metal Matrix Composites (MMC) produced through stir casting route. Taguchi based Grey relational analysis is used for the optimization of the machining parameters on drilling hybrid composites. Experiments are conducted on AA 356-aluminium alloy reinforced with silicon carbide of size 25 microns and Mica of size 45 microns. Drilling test is carried out in VMC Machining centre using solid carbide drills of 6 mm diameter. An L27, 3-level orthogonal array was chosen for the experiments with three drilling parameters namely spindle speed, feed rate, and wt % of SiC and have been optimized based on the multiple performance characteristics for thrust force, surface roughness, and torque. The level of importance of the drilling parameters is determined by using Analysis Of Variance (ANOVA). Experimental results show that the performance in drilling process can be improved effectively by using this approach.