Wire arc additive manufacturing (WAAM) is a direct energy deposition process majorly used to fabricate large and medium-sized components. However, the process encounters defects, such as anisotropic microstructure and mechanical properties, residual stresses, excessive oxidation, and geometrical irregularities. Hence, efforts have been made to address the issues by optimizing the process parameters and incorporating in situ and post-process treatment to improve mechanical properties. In line with this, the present work deals with statistical-based process parameter optimization based on a multicriteria approach. The responses were quantified, statistically analyzed, and correlated with the process parameters. Travel speed exhibited a minor effect on all responses, while the current and wire feed speed significantly affected the responses. The percentage porosity was more sensitive to welding current than the other parameters. The maximum ultimate tensile strength (UTS) of 193.73 ± 3.93 MPa and yield strength (YS) of 108.09 ± 12.28 were displayed by Wall 2. YS and UTS showed marginal variation in vertical and horizontal directions, while % elongation showed significant variation. The desirability Wall (DW) exhibits better-forming quality due to the minimization of the contact angle, and fibrous silicon was observed between the layers. In contrast, it appears to be fragmented silicon at the interfacial region due to remelting and breakdown of Si. However, there were a few limitations to the DW wall's mechanical properties due to coarser dendrites and bulk eutectic at the interface. The average grain size of the bottom and top region for the optimized parameter is 111.156 μm and 173.66 μm, respectively. The observed texture components in the top region include C{001} 〈110〉, A2* (111) [112¯], A (11¯1) [110], and B (11¯2) [110], exhibiting a maximum texture intensity of 10.414. In the bottom region, the identified texture components are B¯ (1¯12¯) [1¯1¯0], B (11¯2) [110], A (11¯1) [110], C{001} <110> with a maximum texture intensity of 10.110.