Due to their intercellular communication properties and involvement in a wide range of biological processes, extracellular vesicles (EVs) are increasingly being studied and exploited for different applications. Nevertheless, their complex nature and heterogeneity, as well as the challenges related to their purification and characterization procedures, require a cautious assessment of the qualitative and quantitative parameters that need to be monitored. This translates into a multitude of choices and putative solutions that any EV researcher must confront in both research and translational environments. In this respect, decision‐making tools may help assess various options, weigh pros and cons, and ultimately arrive at a thought‐out decision that considers both the best fit‐to‐source and fit‐to‐scope EV application(s). Here, we present a multi‐criteria EV decision‐making grid (EV‐DMG) as a novel, efficient, customizable, and easy‐to‐use tool to support EV research and innovation. By identifying and weighing key assessment criteria for comparing distinct EV‐based preparations and related processes, our EV‐DMG may assist any EV community member in making informed, traceable, and reproducible decisions regarding the management of EV sources or samples. Ultimately, this EV‐DMG may guide the adoption of the most suitable EV production and analytical pipelines for targeting a defined aim or application.