The clearances in the slide guide system of a hydraulic press are one of the significant factors affecting its accuracy. These clearances also affect the energy consumption of the press. An energy loss model that considers the oil leaks and friction associated with these clearances was proposed, and the size of clearances was optimized based on the model. The maximum allowable eccentric load and the energy loss on the wedge clearance condition were calculated to ensure the slide and guide pillars function properly. The stiffness of pillars and wear of guide rails were checked under an eccentric load condition. A case for rapid sheet metal forming with a 20 MN hydraulic press was examined. For this case, the optimum fit clearances were found to be approximately 0.4 mm. The energy loss under an eccentric load condition was increased by approximately 83% compared to a non-eccentric load condition. The pillars were optimized by reducing excessive stiffness, which served to decrease the pillar weight by nearly 20%.