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This study endeavoured to investigate the machining of Waspaloy using Electric Discharge Machining (EDM), utilizing copper-graphite composites as the tool material. Given the limited existing research on machining Waspaloy with composite tools, this study aims to address this gap by employing a copper-graphite composite tool. In this work, pure copper electrode and three composite electrodes with varying graphite percentages in copper, viz. copper containing 5%, 10%, and 15% graphite (CuGr-5, CuGr-10, and CuGr-15), are utilized for experimentation. Composite electrodes are fabricated by the stir-casting process. The scanning electron microscope reveals that the graphite specks are homogeneously disseminated over the matrix material. The Taguchi mixed orthogonal array was used for developing experimental runs. By varying the current, polarity, pulse on and off times, tool materials, and gap, machining performance was measured in terms of Material Removal Rate (MRR), Tool Wear Rate (TWR), and Surface Roughness (Ra). It was observed that CuGr-5 provides an enhancement in MRR due to the improved electric conductivity, bridging effect, and increased energy concentration at the spark gap. Diverse characteristics witnessed on the surface morphology include black dots, globules, remelted layers, micro-cracks, and scratches. When machined with a CuGr5 electrode, the surface quality improved owing to the completed flushing and uniform distribution of generated heat as confirmed through worn surface morphology. The parameters were optimized utilizing the PROMETHEE optimization technique; it was found that the CuGr-5 electrode with the assessment value 0.02458 was optimal for machining of Waspaloy.