A new optimal iterative neural network-based control (OINNC) strategy with simple computation and fast convergence is proposed for the control of processes with nonlinear dynamics. The process dynamics is captured by a forward neural network, and the control is determined by a simple iterative optimization during each sampling interval bated on a linearized neural network model. In addition, a feedback control is incorporated into the system to compensate for any model mismatches and to reject disturbances. With the proposed system, the tracking error is shown to be confined to the origin. An application of the proposed OINNC scheme to a nonlinear process results in superior performance when compared with a well-tuned conventional PID controller.