Recent advancements in simulation technology facilitated maritime training in various modalities such as full-mission, desktop-based, cloud-based, and virtual reality (VR) simulators. Each of the simulator modality has unique pros and cons considering their technical capabilities, pedagogical opportunities, and different organizational aspects. On the other hand, enhanced training opportunity and diversity of training depends on the proper utilization of simulators. In this context, the absence of an unbiased, transparent, and robust simulator selection process poses a complex decision-making challenge for the maritime instructors and decision-makers at the institutions. In this study, a hybrid multi-criteria decision-making (MCDM) approach is proposed to evaluate four major types of simulator modalities. For the evaluation, a MCDM framework is developed based on 13 key factors (sub-criteria) for simulator selection grouped under three higher-level criteria—technical, instructional, and organizational criteria. Data was collected using a structured best-worst method (BWM) survey from subject matter experts. The Bayesian BWM is used for ranking of the 13 sub-criteria, and the Preference Ranking Organization Method for Enrichment Evaluation (PROMETHEE) is used to evaluate the four simulator modalities utilizing sub-criteria ranking scores from Bayesian BWM. The results reveal that the regulatory compliance of simulators is the most important criterion, while the cost of simulators is considered the least important criterion during the simulator selection process. Overall, full-mission simulators are the most preferred followed by VR simulators, cloud-based and desktop simulators. However, a sensitivity analysis demonstrated context-specific preferences for certain simulator types over others.