A system and method for accelerated tuning of hyperparameters includes receiving a multi-task tuning work request for tuning hyperparameters of a model, wherein the multi-task tuning work request includes: a full tuning task for tuning hyperparameters, wherein the full tuning task includes a first set of tuning parameters governing a first tuning operation; a partial tuning task for tuning the hyperparameters of the model, wherein the partial tuning task includes a second distinct set of tuning parameters governing a second tuning operation; executing the first tuning operation and the second tuning operation; generating a first suggestion set and a second suggestion set of one or more proposed values for the hyperparameters based on the execution of the full tuning task and the partial tuning task; and setting the partial tuning task as a proxy for the full tuning task thereby accelerating a tuning of the hyperparameters of the model.