Optimum selection of appropriate biomaterial with unlike properties for the femoral head material is one of the toughest tasks. Therefore, in this article, a series of implant materials for the femoral head by vacuum casting induction furnace containing cobalt‐30chromium (Co‐30Cr) as a base material and three alloying elements (i. e. molybdenum, nickel and tungsten) were developed and evaluated for physical, mechanical and tribological properties. Density, hardness, compressive strength, coefficient of friction and volumetric wear were considered as material selection criterions. The weight of each criterion has been determined by entropy method, while the ranking of the alternatives has been carried out by the preference ranking organization method for enrichment evaluations (PROMETHEE) method. From this ranking results, it is found that the cobalt‐30chromium‐4molybdenum‐1nickel‐2tungsten (Co‐30Cr‐4Mo‐1Ni‐2W) material at given parameters is the best implant material for the femoral head component of hip joint replacement.