Multivariate control charts are valuable tools for multivariate statistical process control (MSPC) used to monitor industrial processes and to detect abnormal process behavior. It has been shown in the literature that Bayesian control charts are optimal tools to control the process compared with the non-Bayesian charts. To use any control chart, three control chart parameters must be specified, namely the sample size, the sampling interval and the control limit. Traditionally, control chart design is based on its statistical performance. Recently, industrial practitioners and academic researchers have increasingly recognized the cost benefits obtained by applying the economically designed control charts to quality control, equipment condition monitoring, and maintenance decision-making. The primary objective of this research is to design multivariate Bayesian control charts (MVBCH) both for quality control and conditional-based maintenance (CBM) applications. Although considerable research has been done to develop MSPC tools under the assumption that the observations are independent, little attention has been given to the development of MSPC tools for monitoring multivariate autocorrelated processes. In this research, we compare the III performance of the squared predication error (SPE) chart using a vector autoregressive moving average with exogenous variables (VARMAX) model and a partial least squares (PLS) model for a multivariate autocorrelated process. The study shows that the use of SPE control charts based on the VARMAX model allows rapid detection of process disturbances while reducing false alarms.Next, the economic and economic-statistical design of a MVBCH for quality control considering the control limit policy proved to be optimal by Makis (2007) is developed. The computational results illustrate that the MVBCH performs considerably better than the MEWMA chart, especially for smaller mean shifts. Sensitivity analyses further explore the impact of the misspecified out-of-control mean on the actual average cost. Finally, design of a MVBCH for CBM applications is considered using the same control limit policy structure and including an observable failure state. Optimization models for the economic and economic statistical design of the MVBCH for a 3 state CBM model are developed and comparison results show that the MVBCH performs better than recently developed CBM Chi-square chart.