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The research and development (R&D) project selection is concerned with how to evaluate and identify the best subset of projects under some resource constraints. This paper discusses a fuzzy multi-criteria evaluation approach for R&D project selection which uses algebraic operations of fuzzy variables to characterize the strength and weakness of each R&D alternatives. Furthermore, the fuzzy performance indexes can be obtained by aggregating the criteria weights and fuzzy ratings of alternatives. Finally, the expected values of fuzzy performance indexes are estimated through fuzzy simulation to rank these R&D alternatives. To illustrate the effectiveness of this method, a case study is presented to evaluate the competing software development projects.