Drawing or forming is a process normally used to achieve a required component form from a metal blank by applying a punch which radially draws the blank into the die by a mechanical or hydraulic action or combining both. When the component is drawn for more depth than the diameter, it is usually seen as deep drawing, which involves complicated states of material deformation. Due to the radial drawing of the material as it enters the die, radial drawing stress occurs in the flange with existence of the tangential compressive stress. This compression generates wrinkles in the flange. Wrinkling is unwanted phenomenon and can be controlled by application of a blank-holding force. Tensile stresses cause thinning in the wall region of the cup. Three main types of the errors occur in such a process are wrinkling, fracturing and springback. This paper reports a work focused on the springback and control. Due to complexity of the process, tool try-outs and experimentation may be costly, bulky and time consuming. Numerical simulation proves to be a good option for studying the process and developing a control strategy for reducing the springback. Finite-element based simulations have been used popularly for such purposes. In this study, the springback in deep drawing of an automotive Shock Absorber Cup is simulated with finite element method. Taguchi design of experiments and analysis of variance are used to analyze the influencing process parameters on the springback. Mathematical relations are developed to relate the process parameters and the resulting springback. The optimization problem is formulated for the springback, referring to the displacement magnitude in the selected sections. Genetic Algorithm is then applied for process optimization with an objective to minimize the springback. The results indicate that a better prediction of the springback and process optimization could be achieved with a combined use of these methods and tools.