Abstract: As vital indexes to evaluate the comprehensive performance of high-speed on/off valves (HSVs), the dynamic response and power losses are affected by the plus width modulation (PWM) control parameters. However, optimizing PWM control parameters to improve dynamic response and power losses simultaneously is challenging. This study focused on a water hydraulic HSV. Firstly, the effects of PWM control parameters on the dynamic response and power losses of the HSV were deeply analyzed using the finite element method. Then, Kriging models were constructed between opening time, closing time, total power loss, and the PWM control parameters of the HSV based on the optimal Latin hypercube sampling method and simulation results. On this basis, a multi-objective optimization method was used to find the optimal PWM control parameters. Finally, an experiment was performed to validate the simulation and optimization results. Results indicated that increasing the positive voltage amplitude and the duration of the negative voltage had a positive effect on reducing the total dynamic response time of the HSV, while increasing the duration of the positive voltage and the holding voltage amplitude had a negative effect. In addition, increasing all these PWM control parameters negatively affected the reduction of the total power loss of the HSV. Based on the optimized PWM control parameters, the experimental test times of the HSV on and off were 2.38 ms and 1.29 ms, respectively, and its steady-state temperature was 61.5 °C, which met the requirements.