This work deals with optimization of axially magnetized stack structured permanent magnet (PM) thrust bearing using generalized three-dimensional (3D) mathematical model having “n” number of ring pairs. The stack structured PM thrust bearing is optimized for the maximum axial force and stiffness in a given cylindrical volume. matlab codes are written to solve the developed equations for optimization of geometrical parameters (axial offset, number of ring pairs, air gap, and inner radius of inner and outer rings). Further, the results of proposed optimization method are validated using finite element analysis (FEA) and further, generalized by establishing the relationship between optimal design variables and air gap pertaining to cylindrical volume constraint of bearing's outer diameter. Effectiveness of the proposed method is demonstrated by optimizing PM thrust bearing in a given cylindrical volume. Mathematical model with optimized geometrical parameters dealt in the present work helps the designer in developing PM thrust bearings effectively and efficiently for variety of applications.