Abstract: The Medical Display Monitors (MDMs) are commonly used in medical service centers and the industry has been growing rapidly in the past decades. The technical specifications of MDMs are very stringent due to the requirements of high quality medical judgment and functions, as well as growing market competition. The technological requirements of MDMS are higher than those of display monitors used for general purposes but their gross profit margins are larger as well. There are many multiple criteria decision making (MCDM) problems in manufacturing industry. The purpose of this research is to build a hybrid MCDM model that is useful in developing new color calibration device for the MDM industry. The proposed MCDM model uses the fuzzy Delphi method to filter performance criteria and then applies the Analytic Network Process (ANP) to prioritize three alternatives of new product development. In this study, DEMATEL is used to build a relations-structure for ANP criteria. The study also presents a case study on model implementation in a LCD high-tech company. The results indicate that the proposed model is efficient and effective in making decision for the case problem.