Using advantages of interval-valued intuitionistic hesitant fuzzy sets (IVIHFS) for describing the hesitant and intuitionistic decisions of experts and identifying the limitations of previous research works about optimization techniques, this paper introduces a new optimization technique and provides a new computational algorithm, applicable in various real life multiobjective optimization problem (MOOP) of engineering and management sectors, and for this, a new operation between IVIHFSs is first introduced. On the basis of this concept, a stepwise computational algorithm is constructed, and it is an extension of both fuzzy and intuitionistic fuzzy optimization techniques. Finally, the proposed algorithm is illustrated using a production planning problem, and the obtained results are compared with the existing optimization techniques.