Industries demand stringent requirements towards economical machining without hindering the surface quality while cutting high carbon high chromium (HcHcr) steel. Electrical discharge machining (EDM) of HcHcr steel aims at reducing machining cost (i.e., maximize material removal rate (MRR) and minimize tool wear rate (TWR)) with good surface quality (i.e., minimize surface roughness (SR)). A comparative study was carried out on EDM of HcHcr D2 steel (DIN EN ISO 4957) by applying Taguchi L₁₈ experimental design considering different electrode materials (copper, graphite, and brass), dielectric fluids (distilled water and kerosene), peak current, and pulse-on-time. The process performances were analyzed with respect to material removal rate, surface roughness, and tool wear rate. Pareto analysis of variance was employed to estimate the significance of the process variables and their optimal levels for achieving lower SR and TWR and higher MRR. Hybrid Taguchi-CRITIC-Utility and Taguchi-PCA-Utility methods were implemented to determine the optimal EDM parameters. Higher MRR of 0.0632 g/min and lower SR of 1.68 µm and TWR of 0.012 g/min was attained by graphite electrode in presence of distilled water as dielectric fluid compared to the brass and copper. Additionally, a metallographic analysis was carried out to study the surface integrity on the machined surfaces. Micrographic analysis of the optimal conditions showed lower surface roughness and fewer imperfections (lesser impression, waviness surface, and micro-cracks) compared to worst conditions.