A drive train optimization method for design of light-weight robots is proposed. Optimal selections of motors and gearboxes from a limited catalog of commercially available components are done simultaneously for all joints of a robotic arm. Characteristics of the motor and gearbox, including gear ratio, gear inertia, motor inertia, and gear efficiency, are considered in the drive train modeling. A co-simulation method is developed for dynamic simulation of the arm. A design example is included to demonstrate the proposed design optimization method.