The TFT-LCD is one of the most widely used flat panel display (FPD) technologies. The applications of TFT-LCD technology are becoming daily popular due to the fast growing mobile device and large-size TV markets. To fulfill market needs, most of the TFT-LCD manufacturers expand their manufacturing capacities. Therefore, the TFT-LCD manufacturers need to purchase more capital equipment. Albeit important, limited scholars try to define criteria and analytic frameworks to select capital equipment suppliers for the small and medium-sized TFT-LCD manufacturers. Therefore, in this research, the authors aim to derive the key. The modified Delphi method will first be introduced to derive the most suitable criteria. Then, the weights being associated with the criteria will be derived by using the DEMATEL based network process (DNP). Finally, the VIKOR will be used to derive the most suitable capital equipment supplier. The key factors and the analytic framework can be used for evaluating and selecting FPD and semiconductor equipment suppliers in the future.