3D printing technology can easily and quickly produce small batch models and full-size parts, which has obvious and important benefits in shortening development time. Since metals exhibit excellent mechanical strength and high wear resistance, metal additive manufacturing (MAM) is a popular technology for making metal parts. However, metal powders and 3D-printing machines are costly, which increases the difficulty of achieving mass production through MAM. In this study, the 3D wax printing and investment casting (WPIC) approach was developed to manufacture high-quality metal optical lenses with high efficiency and low cost. The manufactured lenses had a diameter of 38.1 mm, two radii of curvature (15 and 90 mm), and a cooling channel. These lenses were manufactured through 3D printing by using wax patterns produced through investment casting. The manufacturing efficiency and machining accuracy of the lenses produced using the proposed method were compared with those of lenses produced through MAM and investment casting. The results indicated that the total costs of manufacturing an optical lens through MAM and investment casting were nine and eight times greater, respectively than that of manufacturing an optical lens through WPIC. In addition, the surface roughness of metal lenses manufactured through WPIC was 45% lower than that of lenses manufactured through MAM. Finally, the time required to manufacture 50 metal lenses was only 15 days when WPIC was used; the corresponding time was 25 days and 6 months when MAM and investment casting were used, respectively. According to the above-mentioned results, the WPIC process has excellent advantages in product manufacturing cost and developing schedule over MAM and traditional methods of investment casting.