Abstract: In selecting new product development programs, not only the risk attitude of decision makers has significant effect on decision outcomes, but also the success of new product development more often than not depends on its performance compared to that of competitive products. Taking into account the risk attitude of decision makers and the evaluation information of competitive products, this paper proposes a method for selecting new product development programs based on the prospect theory. In this method, firstly, the prospect reference points of every attribute are given, and the risk attitude of decision makers is introduced to determine the prospect value function of every attribute in the new product development programs that possess interval information. Then, the prospect value of every program can be acquired through prospect value function and decision weight function so as to select the optimal program. Finally, an example is used to verify the validity and feasibility of this method.