Multicriteria decision making (MCDM) has been attracting attention in recent years. There are two essential directions in the research territory, one direction is the research of representation of evaluation information and another is the construction of ranking function. In this paper, we consider some nonstandard fuzzy sets, intuitionistic, and interval‐valued fuzzy sets. Especially, the Pythagorean membership grade and Pythagorean fuzzy set receive much attention. Then, to reflect the importance of principal value, we shall propose the principal‐value Pythagorean fuzzy number (p‐PFN) and principal‐value Pythagorean fuzzy set. Furthermore, a novel ranking function is constructed to select the ideal alternative(s) based on p‐PFNs in MCDM. Finally, an investment strategy decision‐making problem is proposed to reveal the availability and practicability of the function under the new environment.

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