Although the concept of additive manufacturing has been proposed for several decades, momentum of selective laser melting (SLM) is finally starting to build. In SLM, density and surface roughness, as the important quality indexes of SLMed parts, are dependent on the processing parameters. However, there are few studies on their collaborative optimization in SLM to obtain high relative density and low surface roughness simultaneously in the previous literature. In this work, the response surface method was adopted to study the influences of different processing parameters (laser power, scanning speed and hatch space) on density and surface roughness of 316L stainless steel parts fabricated by SLM. The statistical relationship model between processing parameters and manufacturing quality is established. A multi-objective collaborative optimization strategy considering both density and surface roughness is proposed. The experimental results show that the main effects of processing parameters on the density and surface roughness are similar. It is noted that the effects of the laser power and scanning speed on the above objective quality show highly significant, while hatch space behaves an insignificant impact. Based on the above optimization, 316L stainless steel parts with excellent surface roughness and relative density can be obtained by SLM with optimized processing parameters.