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The returns and risks of high-yield bond (HYB) lie between the stocks and Treasury bonds. In view of investment opportunities and the rate of return, the advantages of HYB are both lower risks and higher shares. Therefore, HYB has become one of important components in the portfolios. The purpose of this study is to find evaluation factors and their weights to aid the selection of HYB. The primary criteria to evaluate HYB are established by the literatures survey with Fuzzy Delphi Method (FDM), and then Fuzzy Analytic Hierarchy Process (FAHP) is employed to calculate the weights of these criteria, so as to build the Fuzzy Multi-criteria model of HYB investments. The results indicate a greatest weight on the dimension of economic environment, and three primary evaluation criteria are: (1) spread versus Treasuries, (2) callability, and (3) default rate.