To solve real‐world problems, we often need to ranknalternatives which involvemcriteria. This paper proposes a weighted fuzzy similar choice (WFSC) method for solving such problems. The WFSC method consists of two phases. In the first phase, we construct a fuzzy matrix (relationship) by identifying the similarity degree between each outcome of alternatives and the outcome of an ideal alternative. In the second phase, we employ the well‐known analytic hierarchy process (AHP) techniques to determine the weights of importance over m criteria. Then the best ranking of aggregate similarity degrees of the n alternatives is obtained. We apply the WFSC method to solve a real economic evaluation problem of an oil field development for finding the ‘best’ ranking over all possible development proposals.