Hesitant information is powerful and flexible to denote decision maker's judgments. Hesitant multiplicative preference relations (HMPRs) own the advantages of preference relations and hesitant fuzzy sets that permit the decision makers (DMs) to compare objects by using several values. Just as other types of preference relations, how to derive the priority weight vector is a crucial step. According to the principle of the consistency concept for multiplicative preference relations, this paper first introduces a new consistency concept for HMPRs, which avoids the disadvantages of the previous ones. Using the new concept, models to judge the consistency of HMPRs are built. Then, a consistency probability‐based method to derive the hesitant fuzzy priority weight vector from HMPRs is offered. Considering the incomplete case, consistency‐based programming models to determine the missing values are constructed. To address group decision making with HMPRs, a distance measure is defined to determine the weights of the DMs, and a consensus index is proposed. Then, a consistency and consensus‐based group decision‐making algorithm is performed. Finally, two practical examples, an investment problem and a water conservancy problem are offered to illustrate the feasibility and efficiency of the new algorithm. Comparison analysis from the numerical and theoretical aspects verifies the potential application of the new procedure.