This article presents a multiobjective control scheme for a bidirectional interlinking converter (ILC) of renewable energy based ac–dc hybrid microgrid. The prime focus of the power management algorithm is to feed the ac loads, and dc loads from ac source, and photovoltaic battery energy storage (BES), respectively. The second objective is to utilize the solar power to maximum capacity, by feeding it to dc load, BES, and ac load, in the given order of priority. The ac and dc subgrids operate independently, while supporting each other in case of overloading/underloading, thus reducing the amount of power reserve required in each, and eliminating the need of dump loads. The ANFIS-MN-based power quality control is integrated in order to ensure the total harmonics distortion of ac source current remains below 5% as per IEEE 519 standard, irrespective of the nature of load connected. In addition, the ILC control prevents any negative sequence currents from entering the ac source, even if there is any open circuit fault leading to unbalanced loading on the three phases. The performance of ANFIS-MN-based ILC control is demonstrated to be superior when compared with the conventional and contemporary techniques under different scenarios.