Tuning inference hyperparameters, such as temperature and maximum output tokens, on downstream tasks can enhance inference performance. However, directly applying hyperparameter optimization to these hyperparameters is token-expensive. Multi-fidelity optimization improves HPO efficiency with low-fidelity evaluations, but its static scheduling strategies ignore token consumption, leading to high costs. To address these limitations, we propose a token-efficient multi-fidelity optimization method, which enhances inference performance and minimizes token usage. Our method is empowered by (i) a token-based fidelity definition with explicit token cost modeling on configurations; (ii) a novel Token-Aware Expected Improvement acquisition function that selects configurations based on performance gain per token; and (iii) a dynamic fidelity scheduling mechanism that adapts to real-time budget status. We evaluate our method on LLaMA-2 and LLaMA-3 series across MMLU, Humaneval, MedQA, and OpenBookQA. Our method improves over the HELM leaderboard by 7.1%, 24.3%, 21.9%, and 4.6%, respectively. Compared to existing multi-fidelity HPO baselines, our method reduces token consumption by over 80% while maintaining or surpassing performance, demonstrating the state-of-the-art token efficiency for inference-time optimization.