In this paper, two efficient control algorithms are discussed viz., Linear Quadratic Regulator (LQR) and Dynamic Matrix Controller (DMC) and their applicability has been demonstrated through case study with a complex interacting process viz., a laboratory based four tank liquid storage system. The process has Two Input Two Output (TITO) structure and is available for experimental study. A mathematical model of the process has been developed using first principles. Model parameters have been estimated through the experimentation results. The performance of the controllers (LQR and DMC) has been compared to that of industrially more accepted PID controller.