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In the present work, the minimization of total manufacturing cost of an assembly considering tolerance allocation using various optimization algorithms have been addressed. Complex assembly which consists of more than one critical dimension with any one dimension of the part involved in more than one dimensional chain has been considered in this work. The manufacturing cost of the various parts of an assembly with tolerance allocation has been minimized using the cost tolerance model. The benchmark solution to the problem has been derived using Lagrange Multiplier (LM) method. The results are improved using Genetic Algorithm (GA) and Artificial Bee Colony (ABC) algorithm by considering the Alternate Nominal Dimension Selection (ANDS). The results have been compared with LM method and found GA outperformed ABC algorithm. Further the research has been extended by considering ANDS and Alternate Process Selection (APS) using Teaching-Learning Based Optimization (TLBO) algorithm and the results have been compared with benchmark solutions. The proposed method is suitable for any type of complex assembly. An Improved Knuckle Joint (IKJ) assembly has been chosen for the illustration of proposed methodology with an implementation strategy. From the results, it was noted that TLBO yielded better results in the aspect of minimizing the total manufacturing cost of IKJ assemblies.