This paper presents three different multi-objective optimization strategies for a high specific speed centrifugal volute pump design. The objectives of the optimization consist of maximizing the efficiency and minimizing the cavitation while maintaining the Euler head. The first two optimization strategies use a 3D inverse design method to parametrize the blade geometry. Both meridional shape and 3D blade geometry is changed during the optimization. In the first approach Design of Experiment (DOE) method is used and the pump efficiency is obtained from computational fluid dynamic (CFD) simulations, while cavitation is evaluated by using minimum pressure on blade surface predicted by 3D inverse design method. The design matrix is then used to create a surrogate model where optimization is run to find the best trade-off between cavitation and efficiency. This optimized geometry is manufactured and tested and is found to be 3.9% more efficient than the baseline with reduced cavitation at high flow. In the second approach only the 3D inverse design method output is used to compute the efficiency and cavitation parameters and this leads to considerable reduction to the computational time. The resulting optimized geometry is found to be similar to the computationally more expensive solution based on 3D CFD results. In order to compare the inverse design based optimization to the conventional optimization an equivalent optimization is carried out by parametrizing the blade angle and meridional shape.