A risk HI-MADM method based on cumulative prospect theory (CPT) is proposed to select the NPD alternative concepts. Initially, decision information in various formats is normalized and the expectations of the NPDT are set as the corresponding reference points with considering the psychology of the NPDT. Subsequently, the gains and losses matrix relative to the reference points is constructed. Furthermore, the prospect values of concept attributes are calculated based on the value function of CPT. Then, by aggregating prospect values and attribute weights by a simple additive weighting (SAW) method, the comprehensive prospect values of alternative concepts are obtained, and then the ranking order of all concepts can be determined. Finally, a NPD case study of a new automatic dishwasher is used to illustrate the feasibility and validity of the proposed approach.