The assessment of mechanical properties of metal foil under complicated stress states poses a considerable challenge, requiring the development of new testing methods and the optimization of new specimen geometry. In this research, the biaxial tensile method and specimen shape were designed and optimized by using simulation and experiment. It is determined that the strain measurement area can be suggested as the central area of 0.6 to 0.8 times the arm width. The influence of different parameters on the tensile results of cruciform specimens was comprehensively evaluated by finite element method and multi-factor analysis. The results indicate that the number of slits markedly impacts the stress–strain uniformity and shear stress in the central region, followed by the slit length. The effect of the arm width and the slit width is comparable, more influential than the corner radius. According to the analyzed results and application requirements, a four-axis independently driven biaxial tensile test machine for small scale samples was fabricated. During the biaxial tension, the center point offset of the specimen remains within ±0.01 mm. The displacement and load synchronization errors do not exceed 0.01 mm and 50 N, respectively, facilitating the precise control of four-axis synchronization. Conclusively, cruciform specimens featuring diverse geometric characteristics were designed for industrial pure titanium, 304 stainless steel, and Inconel 718 superalloy with thickness of less than 0.3 mm. The biaxial tensile tests were performed to delineate the yield loci, revealing notable anisotropy and size effect. The validation confirms the suitability of the testing method and optimized cruciform specimens for conducting biaxial tensile mechanical properties testing on metal foils characterized by diverse types and thicknesses.