Multiobjective weapon-target assignment is a type of NP-complete problem, and the reasonable assignment of weapons is beneficial to attack and defense. In order to simulate a real battlefield environment, we introduce a new objective-the value of fighter combat on the basis of the original two-objective model. The new three-objective model includes maximizing the expected damage of the enemy, minimizing the cost of missiles, and maximizing the value of fighter combat. To solve the problem with complex constraints, an improved nondominated sorting algorithm III is proposed in this paper. In the proposed algorithm, a series of reference points with good performances in convergence and distribution are continuously generated according to the current population to guide the evolution; otherwise, useless reference points are eliminated. Moreover, an online operator selection mechanism is incorporated into the NSGA-III framework to autonomously select the most suitable operator while solving the problem. Finally, the proposed algorithm is applied to a typical instance and compared with other algorithms to verify its feasibility and effectiveness. Simulation results show that the proposed algorithm is successfully applied to the multiobjective weapon-target assignment problem, which effectively improves the performance of the traditional NSGA-III and can produce better solutions than the two multiobjective optimization algorithms NSGA-II and MPACO.