Nowadays, network‐on‐chip (NoC) routers become important in several applications including mobile technology and digital communication. Multiple cores/processors are typically coupled using NoC routers, which considerably improve integrated circuit performance in terms of power, latency, throughput, and area. So, a novel 4 × 4 topology‐based NoC router using multi‐priority based iterative round‐robin matching with slip (MPiSLIP) routing algorithm is implemented in this work. The proposed work contains different operational blocks classification such as route computation using static straight allocator, route controlling using MPiSLIP arbiter, a crossbar switch, combined parallel virtual channel and switch allocation unit, look ahead bypass route computation (LBRC), and input‐output ports. The MPiSLIP routing mechanism also determines the priorities necessary for route development. Finally, by bypassing the switches and fulfilling all of the priories in a look‐ahead manner, LBRC is employed to establish the effective path between input ports and output ports. The simulation results show that the proposed MPiSLIP‐based NoC routing method resulted in a reduced area, power, and latency as compared to the open‐source NoCs, multi‐processor NoCs, multi‐core NoCs, and conventional routing algorithms.