Delay has a significant role to play in the implementation of the predictive current control scheme as large amount of calculations are involved. Compensating delay in the predictive current controller design can lead to an improved load current total harmonic distortion (THD) and also an increased switching frequency. Minimization of switching frequency while maintaining the lower value of load current THD requires multiple objective optimization which is achieved by optimizing a single objective function, constructed using weighting factors as a linear combination of individual objective function. The effect of weighting factor on the switching frequency minimization and the current tracking error with delay compensation for the two level voltage source inverter (VSI) are investigated in this paper. The outcomes of the predictive current control using an optimized weighting factor which is calculated using branch and bound algorithm with the delay compensation are compared with the PWM based current control scheme. The experimental tests are conducted on a 2.2 kW VSI to verify the simulation observations.