Material selection serves as a foundation for all engineering applications. Inappropriate material selection would create a huge impact which in turn would affect the quality of the product in whole. In this work, the best material for suspension coil spring is selected by using a novel method. Fatigue failure of a shock absorber coil spring occurs mainly due to the improper selection of material. To improve the performance and efficiency of the shock absorber coil spring, suitable material is to be selected based on its application with considerations of the desired properties. Preference selection Index (PSI), a systematic multi-criteria decision-making approach is presented in this study for selecting the appropriate material which is considered as best. This technique is used to select the best alternatives without defining the proportionate significance of attributes. ASTM A231 steel, AISI 9255 steel, 302 Stainless Steel, ASTM A228 Steel and Beryllium Copper UNS C17200 are the various materials suitable for suspension coil spring. Through PSI method, ASTM A228 Steel is selected as a best material among the alternative materials. The PSI results are validated using the numerical analysis, basic analytical analysis and verified using the average validation method with respect to the desired attributes.