Similarity measures on trapezoidal-valued intuitionistic fuzzy numbers (TrVIFNs) are functions that measure the closeness between two TrVIFNs, which has a lot of applications in the area of pattern recognition, clustering, decision-making, etc. Researchers around the world are proposing various similarity measures on the generalizations of fuzzy sets. However, many such measures do not satisfy the condition that “the similarity between two fuzzy numbers is equal to 1 implies that both the fuzzy numbers are equal” and this gives a pathway for the researchers to introduce different similarity measures on various classes of fuzzy sets. Also, all of them try to find out the similarity by using a single function, and in the present study, we try to propose a combined similarity measure principle by using four functions (four similarity measures). Thus, the main aim of this work is to introduce a few sets of similarity measures on the class of TrVIFNs and propose a combined similarity measure principle on TrVIFNs based on the proposed similarity measures. To do this, in this paper, firstly, we propose four distance-based similarity measures on TrVIFNs using score functions on TrVIFNs and study their mathematical properties by establishing various propositions, theorems, and illustrations, which is achieved by using numerical examples. Secondly, we propose the idea of a combined similarity measure principle by using the four proposed similarity measures sequentially, which is a first in the literature. Thirdly, we compare our combined similarity measure principle with a few important similarity measures introduced on various classes of fuzzy numbers, which shows the need for and efficacy of the proposed similarity measures over the existing methods. Fourthly, we discuss the trapezoidal-valued intuitionistic fuzzy TOPSIS (TrVIF-TOPSIS) method, which uses the proposed combined similarity measure principle for solving a multi-criteria decision-making (MCDM) problem. Then, we discuss the applicability of the proposed modified TrVIF-TOPSIS method by solving a model problem. Finally, we discuss the sensitivity analysis of the proposed approaches by using various cases.