This work presents the results of both simulation and analytical investigations on tuning of Predictive Functional Control (PFC) algorithm for First-Order Plus Dead Time (FOPDT) system. The controller’s characteristics were analyzed to determine the influence of the main control parameters on its performance. The PFC equations are transformed and an alternative surrogate parameter representing the algorithm’s effective gain was proposed. Most common control quality factors are analyzed to find a trade-off between response speed and controller aggressiveness. Combined control quality factor was proposed and investigated to determine optimal tuning parameters. That analysis resulted in tuning formulas for main parameters of the PFC algorithm such as desired response time trbf and prediction horizon Hp. The proposed tuning approach was verified both on a higher-order dynamic system and in an experimental heating process setup.