Summary: A reconfigurable manufacturing system (RMS) is designed for rapid adjustment of functionalities in response to market changes. A RMS consists of a number of reconfigurable machine tools (RMTs) for processing different jobs using different processing modules. The potential benefits of a RMS may not be materialized if not properly designed. This paper focuses on RMT design optimization considering three important yet conflicting factors: configurability, cost and process accuracy. The problem is formulated as a multi-objective model. A mechanism is developed to generate and evaluate alternative designs. A modified fuzzy-Chebyshev programming (MFCP) method is proposed to achieve a preferred compromise of the design objectives. Unlike the original fuzzy-Chebyshev programming (FCP) method which imposes an identical satisfaction level for all objectives regardless of their relative importance, the MFCP respects their priority order. This method also features an adaptive satisfaction-level-dependent process to dynamically adjust objective weights in the search process. A particle swarm optimization algorithm (PSOA) is developed to provide quick solutions. The application of the proposed approach is demonstrated using a reconfigurable boring machine. Our computational results have shown that the combined MFCP and PSOA algorithm is efficient and robust. The advantages of the MFCP over the original FCP are also illustrated based on the results.