Machining process efficiencies can be improved by minimising the non-machining time, thereby resulting in short operation cycles. In automatic-machining centres, this is realised via optimum cutting tool allocation on turret-magazine indices-the "tool-indexing problem". Extant literature simplifies TIP as a single-objective optimisation problem by considering minimisation of only the tool-indexing time. In contrast, this study aims to address the multi-objective optimisation toolindexing problem (MOOTIP) by identifying changes that must be made to current industrial settings as an additional objective. Furthermore, tool duplicates and lifespan have been considered. In addition, a novel mathematical model is proposed for solving MOOTIP. Given the complexity of the problem, the authors suggest the use of a modified strength Pareto evolutionary algorithm combined with a customised environment-selection mechanism. The proposed approach attained a uniform distribution of solutions to realise the above objectives. Additionally, a customised solution representation was developed along with corresponding genetic operators to ensure the feasibility of solutions obtained. Results obtained in this study demonstrate the realization of not only a significant (70%) reduction in non-machining time but also a set of tradeoff solutions for decision makers to manage their tools more efficiently compared to current practices.