Software development project selection decision is a vital process in technological organizations. These decisions are very important in two ways. First, in technovation organizations, software development project budget necessitates huge investment and this project selection decisions should be thought with the strategic objectives of the firm. Second, multidimensionality of the software development projects' organizational returns is naturally risky in terms of expected outcome. Real options approach helps to calculate this risky side of the selection process. This paper considers the software development project selection process in multi-criteria thinking. Vagueness is another consideration in the evaluation process. The fuzzy ELECTRE takes both fuzzy real option value criteria and nonmonetary criteria into account. In this study integration of fuzzy real options valuation to fuzzy ELECTRE is offered for a selection process among software development projects.