The selection of an optimal ferroelectric material according to the user requirements is a crucial as well as onerous task; examples of such requirements include high efficiency, sensitivity, wide operating temperature, and frequency range, compact size, low cost and low loss, etc. In this study, quality function deployment ( QFD ) in combination with multiple attribute decision‐making ( MADM ) is employed for material selection. P b (1‐x) L a x )( Z r y T i (1‐y) ) O 3 [ PLZT (7/60/40)] (lead‐based) and ( K 0.44 N a 0.52 L i 0.04 )‐( N b 0.84 T a 0.1 S b 0.06 ) O 3 ( KNN ‐ LT ‐ LS ) (lead‐free) are found to be the top‐ranked piezoelectric ceramics for transducer applications. PLZT (7/60/40) (lead‐based) and 0.7 B i 0.5 N a 0.5 T i O 3 ‐0.2 B i 0.5 K 0.5 T i O 3 ‐0.1( B i 0.5 L i 0.5 ) T i O 3 (lead‐free) are found to be best materials for energy storage applications.