This study investigated the effects of machining parameters on the experimental and statistical results using the electric discharge method in the machining of AISI D2 cold work tool steel. The design of the experiment was established using the Taguchi L₁₈ method. The effect of the experiment parameters on the performance characteristics was analyzed by analysis of variance (ANOVA). As a result of the study, it was determined that increasing amperage and pulse time affected the surface roughness and hole diameter on the surface of the material. The lowest values for surface roughness, machining time, hole diameter, and crater diameter were determined as 2.085 μm, 47 minutes, 12.010 mm, and 81.007 μm, respectively. The highest wear amount was obtained as 0.604 grams with the processed parameters in the ninth experiment. When the signal‐to‐noise ratios were examined, the optimum combinations of the control factors for surface roughness, hole diameter, crater diameter, wear amount, wear rate, and processing time were determined as A₁B₁C₃, A₁B₁C₃, A₁B₁C₃, A₁B₃C₁, A₂B₁C₁, and A₁B₃C₃, respectively. According to the ANOVA results, the most important parameters affecting the test results for surface roughness, hole diameter, crater diameter, wear amount, material wear loss, and processing time were determined as amperage (49.34%), time‐on (59.38%), amperage (55.65%), time‐on (56.92%), amperage (51.42%), and amperage (78.02%), respectively. When the gray relational degree was calculated for the maximum and minimum values, the ideal factors for all output results were found to be the parameters applied in the third experiment.