Selective control of HOD photodissociation (H-O + D $\leftarrow$ HOD → H + O-D) has been theoretically investigated using CW lasers with appropriate carrier frequency and |0, 0$\rangle$, |0, 1$\rangle$ and |0, 2$\rangle$ with zero quantum of excitation in the O-H bond and zero, one and two quanta of excitation in the O-D bond as the initial states. Results indicate that the O-H bond in HOD can be selectively dissociated with a maximum flux of 87% in the H + O-D channel from the ground vibrational state |0, 0$\rangle$. For the O-D bond dissociation, it requires two quanta of excitation (|0, 2$\rangle$) in the O-D mode to obtain 83% flux in the H-O + D channel. Use of a two colour laser set-up in conjunction with the field optimized initial state (FOIST) scheme to obtain an optimal linear combination of |0, 0$\rangle$ and |0, 1$\rangle$ vibrational states as the initial state provides an additional 7% improvement to flux in the H-O + D channel as compared to that from the pure |0, 1$\rangle$ state.