Quality, performance, reliability, cost etc. of any product are all affected by the material being used to manufacture it. Hence, it becomes imperative to select an appropriate material for a successful product. Material selection involves a complex interaction between component function, material type, process, shape and cost. The designer must have a broad understanding of various properties of materials and their processing characteristics. No two materials have the same properties, and the choice is usually decided by the best possible combination of material properties and economic factors providing an optimal solution. In this paper, the best suited materials for two products, i. e. engine flywheel and metallic gear, are selected applying an almost unexplored multi-criteria decision making tool in the form of the TODIM (TOmada de Decisao Interativa Multicriterio, which means in Portuguese “interactive and multi-criteria decision making”) method. The derived results corroborate those obtained by past researchers. A sensitivity analysis showing the effect of varying values of attenuation factor of the losses on the rankings of the candidate materials proves the robustness and applicability of the TODIM method in solving material selection problems. Finite element analysis is carried out to study the behavior of the candidate materials under specific loading conditions.