In present scenario, Inconel 718 material is widely used in various industrial applications due to their distinctive combination of mechanical and chemical properties. However, Inconel 718 material machining is most difficult by using the process of conventional machining. To overcome these problems, a noncontact electrical discharge machining process is employed. In this research work, the optimal machining parameters of dry electrical discharge machining (EDM) process on Inconel 718 material with and without assistance of magnet by using copper electrode is investigated. Initially, die-sinking EDM plasma zone coupled with magnet field for hybrid approach is to test Inconel 718 material with auxiliary copper electrode. Thereafter, an experimental study is performed based on Taguchi (L16-OA) to evaluate the compassion of EDM processing variables viz.,material removal rate (MRR) and tool wear rate (TWR) to the variation in independent parameters like peak current, pulse-duration ON (Ton), duty cycle or pulse-duration cycle OFF (Toff) and voltage. The parametric analysis, ANOVA and multi regression analysis are also considered to represent the statistical significance of the die-sinking EDM process. Finally, MOORA method is adopted for optimization of EDM process parameters with and without assistance of magnet. The result showed that an improvement in process parameters in terms of MRR and TWR with assistance of magnet as compared to without assistance of magnet and further validated using the confirmatory experiment.