This study explores the application of the analytic network process (ANP) approach for the evaluation of R&D projects with heterogeneous objectives. The ANP model in this study produced the final priorities of projects with respect to several performance measures when there are interdependencies between research objectives and performance measures. The paper provides value to practitioners by providing a generic model for R&D project evaluation. The ANP approach is tested against empirical data drawn from fourteen R&D projects under six different objective programs sponsored by the Korean government.