This study demonstrated the influence of building material selection on the environmental and economic parameters of a building in a Finnish context. The effects of the choice were studied for the three building component categories: structural frame, inner components (i.e. insulation and sheathing) and surface components (i.e. exterior cladding and flooring), in a comparative manner on a reference building. The aim was to illustrate the features of the building materials in a relative manner from several aspects in order to help multi-criteria decision-making for professionals associated with the construction industry.The results showed that the value of alternative materials varies depending on the aspects. It was also revealed that the environmental parameters need to be taken into account over economic aspect, since in many cases they vary much between the alternatives considered. The selection of the structural frame material has greater influence than the other two component categories, and the inner components need to be considered rather than the surface components, even though they are not visible when a building is completed. This paper indicates the importance of expressing and understanding the diversity of the materials. It would be important for sustainable building design to select suitable materials according to the purpose and their features on a case-by-case basis. In order to broaden the range of choice, the market system needs to be developed as well.