With the rapid development of precision technologies, the demand of high-precision optical surfaces has drastically increased. These optical surfaces are mainly fabricated with computer controlled optical surfacing (CCOS). In a CCOS process, a target surface removal profile is achieved by scheduling the dwell time for a set of machine tools. The optimized dwell time should be positive and smooth to ensure convergence to the target while considering CNC dynamics. The total run time of each machine tool is also expected to be balanced to improve the overall processing efficiency. In the past few decades, dwell time optimization for a single machine tool has been extensively developed. While the methods are applicable to multi-tool scenarios, they fail to consider the overall contributions of multiple tools simultaneously. In this paper, we conduct a systematic study on the strategies for multi-tool dwell time optimization and propose an innovative method for simultaneously scheduling dwell time for multiple tools for the first time. First, the influential factors to the positiveness and smoothness of dwell time solutions for a single machine tool are analyzed. The compensation strategies that minimize the residual while considering the CNC dynamics limit are then proposed. Afterwards, these strategies are extended to the proposed multi-tool optimization that further balances the run time of machine tools. Finally, the superiority of each strategy is carefully studied via simulation and experiment. The experiment is performed by bonnet polishing a 60 mm × 60 mm mirror with three tools of different diameters (i.e., 12 mm, 8 mm, and 5 mm). The figure error of the mirror is reduced from 45.42 nm to 11.18 nm root mean square in 13.28 min. Moreover, the measured polishing result well coincides with the estimation, which proves the effectiveness of the proposed method.