This paper explores the use of Jaya algorithm for the single- and multi-objective design optimization of plate-fin heat exchangers (PFHEs). Design of PFHEs involves a number of geometric and physical parameters with high complexity. The general design approaches are based on trial and error and become tedious and time consuming and do not guarantee the achievement of an optimal design. Therefore, advanced optimization algorithms are preferred. The Jaya algorithm is a newly developed simple algorithm and it does not have any algorithmic-specific parameters to be tuned and this aspect reduces the designer's effort in tuning the parameters to arrive at the optimum value of the objective function. The Jaya algorithm is proposed for the design optimization of PFHEs by minimizing the total surface area of heat transfer, total annual cost, and total pressure drop of the system and maximizing the effectiveness. Seven design parameters are considered which are imposed by constraints on the design. Single- as well as multi-objective design optimization is carried out using the proposed algorithm. The results obtained by Jaya algorithm are compared with the results of latest reported algorithms. These comparisons revealed that the Jaya algorithm can be successfully applied for the design optimization of PFHEs.