Selection of material in engineering design process is a difficult and elusive task due to enormous number of dissimilar materials availability. For effective selection of materials, the designers have to take into account a number of definite qualitative and quantitative criteria. In the same context, this paper proposes ahybrid TOPSIS-PSI approach for effective material selection in marine applications. In this paper, the selection index value has been calculated by using logical combination of PSI and TOPSIS algorithm and these values have been ranked in ascending or descending order. The highest preference selection index value has been taken as the best alternative for the marine application. To prove the effectiveness of the proposed hybrid TOPSIS-PSI algorithm, two practical examples are considered and the result shows that the proposed procedure provides satisfactory results when compared with past literature. Furthermore, hybrid procedure is performed for selection of best wt.% combination among hybrid aluminum nanocomposites for marine applications based on itsphysical, mechanical and corrosive behavior. The result reveals that 9 wt.% and 6 wt.% reinforced hybrid aluminum nanocomposites have optimum combination of all physical, mechanical and corrosion properties, respectively according to hybrid TOPSIS-PSI approach.