This paper deals with the selection of the optimal material for railway wagons, from among three different steel and three aluminium based materials, by using four different Multicriteria Decision Making Methods (MCDM) and comparing their ranking of the materials. We analysed: Dual-Phase 600 steel, Transformation-Induced Plasticity (TRIP) 700 steel, Twinning-Induced Plasticity (TWIP) steel, Aluminium (Al) alloys, Al 6005-T6, and Al 6082-T6, and porous Al structure with closed cells. Four different MCDM methods were used: VIKOR, TOPSIS, PROMETTHEE and the Weighted aggregated sum product assessment method (WASPAS). Key material properties that were used in the MCDM analysis were: density, yield strength (Y.S.), tensile strength (T.S.), Y.S./T.S. ratio, Youngs modulus (Y.M.), cost and corrosion resistance (C.R.). Research results indicate that aluminium and its alloys prove to be the most suitable material, based on setup criteria. Advanced steels also achieved good ranking, making them a valid option, immediately behind lightweight aluminium alloys. Porous aluminium did not perform well, according to the used MDCM methods, mainly due to the significantly lower strength exhibited by the porous structures in general.