The article contains an introduction of possibility of applying Multi-Attribute Utility Theory(MAUT) for priority setting of R&D projects. MAUT is compared with AHP, which is widely used recently. These two techuiques are applied to set priorities of R&D projects In a Government-funded Research Institute. Six criteria are chosen from consultation with decision makers. They are composed of 1) validity as representative projects, 2) possibility of resource mobilization, 3) spillover effect of developed technologies, 4) possibility of success, 5) scope of participation and 6) clarity of research goal. To set priorities of R&D projects, SMART(Simple MultiAttribute Rating Technique) and DVM(Difference Value Measurement) out of many MAUT methods are used to design the utility function and to determine the weights among criteria. The aggregation model is additive on the assumption the criteria are independent. AHP executes pairwise comparisons for criteria and alternatives. From the results of the case study, the results and theoretical characteristics are compared.