The present disclosure relates to systems, methods, and non-transitory computer readable media for selecting hyper-parameter sets by utilizing a modified Bayesian optimization approach based on a combination of accuracy and training efficiency metrics of a machine learning model. For example, the disclosed systems can fit accuracy regression and efficiency regression models to observed metrics associated with hyper-parameter sets of a machine learning model. The disclosed systems can also implement a trade-off acquisition function that implements an accuracy-training efficiency balance metric to explore the hyper-parameter feature space and select hyper-parameters for training the machine learning model considering a balance between accuracy and training efficiency.