This paper presents a numerical method for simultaneous optimization of blank shape and forming tool geometry in three-dimensional sheet metal forming operations. The proposed iterative procedure enables the manufacturing of sheet metal products with geometry fitting within specific tolerances (surface and edge deviations less than 0.5 or 1.0 mm, respectively) that prescribe the maximum allowable deviation between the simulated and desired geometry. Moreover, the edge geometry of the product is affected by the shape of the blank and by an additional trimming phase after the forming process. The influences of sheet metal thinning, edge geometry, and springback after forming and trimming are considered throughout the blank and tool optimization process. It is demonstrated that the procedure effectively optimizes the tool and blank shape within seven iterations without unexpected convergence oscillations. Finally, the procedure thus developed is experimentally validated on an automobile product with elaborated design and geometry which prone to large springback amounts owning to complex-phase advanced high strength steel material selection.