Material selection is a crucial aspect in the design of reliable, efficient and long-lasting wave energy converters (WECs). However, to date, the development of tailored methodologies applied to the material selection of WECs remains vastly unexplored. In this paper, a material selection framework for the case of lift-based WECs is developed. The application of the methodology is demonstrated with the hydrofoils of the device. Offshore steel, high-strength offshore steel, aluminium alloys, and carbon- and glass-fibre-reinforced composites are considered and evaluated subject to relevant criteria for wave energy converters, namely structural reliability, hydrodynamic efficiency, offshore maintainability, total manufacturing cost and environmental impact. Candidate materials are assessed via fuzzy TOPSIS for three scenarios of the life cycle of the WEC: conceptual, commercial and future projection stages. Results show that the choice of optimal materials could change from present to future and that multi-criteria decision-making tools aided by a fuzzy approach are useful design tools for novel WECs when field data are scarce. Hence, methodologies such as the ones presented in this work can help in reducing the probability of mechanical failures of emerging WEC technology.