The increasing use of information technology in financial and banking services continues, and the challenge of better managing information technology projects to maximize their economic benefits remains unresolved. Therefore, this study aimed to identify and prioritize the criteria for selecting the optimal portfolio of information technology projects in Iran’s banking industry using both quantitative and qualitative methods. For this purpose, the research sample included experts (university professors and senior managers in the information technology management sector of the banking industry), selected through the snowball sampling method (n=12). In addition, for data analysis, first, the final criteria of the model were determined using the fuzzy Delphi technique, and then the criteria were prioritized using the DEMATEL technique. The results of the fuzzy Delphi technique indicated that the criteria for selecting the portfolio of information technology projects in Iran’s banking industry consist of 5 main criteria (organizational, environmental, economic, technical, and risk-related) and 18 sub-criteria. The results of the DEMATEL technique further revealed that among the main criteria, the risk criterion, and among the sub-criteria, low security risk, hold the highest importance.