Approaches for optimizing network demand forecasting models and network topology using hyperparameter selection are provided. An approach includes defining a pool of features that are usable in models that predict demand of network resources, wherein the pool of features includes at least one historical forecasting feature and at least one event forecasting feature. The approach also includes generating, using a computer device, an optimal model using a subset of features selected from the pool of features. The approach further includes predicting future demand on a network using the optimal model. The approach additionally includes allocating resources in the network based on the predicted future demand.