This paper proposes a new hybrid algorithm for supplier selection and evaluation for quantitative, qualitative factors in supply chain management. Supplier selection and evaluation is formulated by integrating Multi-criteria decision making approach such as Analytic hierarchy process (AHP) improved by Rough set theory, Technique for order performance by similarity to ideal solution (TOPSIS) to rank the suppliers based on their overall performances and to allocate orders to the suppliers, to maximize the quality, service of the product, minimizing the cost weighted additive fuzzy multi objective linear program is used. Rough set theory is used to screen the suppliers by the decision makers. AHP was applied to determine the relative weights of evaluation criteria. TOPSIS was applied to rank suppliers in terms of their overall performances. Fuzzy approach is applied to overcome the vagueness, imprecision and uncertainty in real life situations .This method helps the decision maker to select the best supplier, to allocate orders to the suppliers with multiple products, multiple criteria in multi period time with budget, capacity and product demand in the market who meets all the requirements of supply chain management. To evaluate the algorithm a case study is done in high technology Company named Multi-Flex Lami-Print Ltd which manufactures Flexible Packaging materials in India. The result shows that the model is effective and applicable to industries.