This paper presents a new method to optimize, from a working cycle defined by torque and speed profiles, both the design and the control strategy of permanent magnet synchronous generators (PMSGs). The case of a 10 MW direct-drive permanent magnet generator for an Offshore wind turbine was chosen to illustrate this method, which is based on the d–q axis equivalent circuit model. It allows to optimize, with a reduced computation time, the design, considering either a flux weakening control strategy (FW) or a maximum torque per Ampere control (MTPA) strategy, while respecting all the constraints—particularly the thermal constraint, which is characterized by a transient regime. The considered objective is to minimize the mass and the average electric losses over all working points. Thermal and magnetic analytical models are validated by a 2D finite element analysis (FEA).