In this paper, an intuitionistic fuzzy TOPSIS method for multi-criteria decision making (MCDM) problem to rank the alternatives is proposed. The proposed method is based on distance measure and intuitionistic fuzzy entropy. The proposed method also uses conversion theorem to convert fuzzy set to intuitionistic fuzzy set given by Jurio et al. (2010). A real case study is taken as an example to find the ranking of four organizations: Bajaj steel, H.D.F.C. bank, Tata steel and Infotech enterprises using real data. In order to compare the different rankingS, they are applied in a portfolio selection problem. Different portfolios are constructed and are analyzed for their risk and return. It is observed that if the portfolios are constructed using the ranking obtained with proposed method, the return is increased with slight increment in risk.