Drilling carbon reinforced polymer composites (carbon fiber-reinforced polymers, CFRP) and the hole quality produced are highly critical and significantly influence the performance and reliability of structures used in aircraft components. When CFRP composites are stacked together with titanium alloy, the damage caused by the machining operation is incalculable due to the burr and chip evacuation of metallic phases. In this article, efforts were made toward the identification of optimal machining conditions in drilling CFRP/titanium hybrid stacks. Experimental investigations on dry drilling of CFRP/titanium stacks were conducted with the aid of tungsten carbide drills. This research article discusses an improved compromise ranking method named VIKOR (VIseKriterijumska Optimizacija I Kompromisno Resenje) to determine the optimal machining parameters in drilling of CFRP/titanium stacks to produce high-quality holes. Attributes measured from experimental trials are: delamination factor of CFRP, burr height of titanium alloy, thrust force, torque, surface roughness, roundness and hole diameter of CFRP and titanium alloy. Experimental trial 13 with a combination of speed of 30 m/min, feed of 0.025 mm/rev was chosen as an ideal machining parameter in drilling CFRP/Ti-6Al-4V stacks without any trade-off. Confirmation tests convey that the results agree well with optimal parameters and the decision making in drilling such multimaterial stacks is highly consistent and judicious. In regard to the optimal parameters determined, investigations on tool life were performed and a tool life of 20 min for 0.10 mm flank wear land was observed.