Financial market in India offers wide variety mutual fund products to the retail investors to satisfy their requirement,s Anancial goals and risk tolerance level. It is very difficult to offer one type of fund to satisfy all the requirements of investors. Retail investors are heterogeneous in terms of their socio-economic/demographic proAle, preferences, and beliefs. The mutual fund preference of investors mainly depends on the investment objectives, and risk appetite of the investors. It has been observed that wrong selection of mutual fund/schemes will not satisfy the requirements of the investors. The present study aims to analyse scheme/ fund preferences of mutual fund investors; and examine the relationship of fund/scheme preferences of the mutual fund investors with their investment objectives, and risk perception. The investigation has been done with the help of primary data collected from sample mutual fund investors. The study found that most of the mutual investors select funds/schemes without considering the investment objectives and risk appetite of the investors