Today, human capital is considered a key factor of achieving the competitive advantage in different industries. The present study, as an applied and descriptive research, aims at providing formulation and evaluation of human resource development of an Iranian Petrochemical Company (APC). The human resource experts and managers of APC together with university professors of human capital and familiar with local conditions of Khuzestan province, Iran, made up the statistical population of this research. In this connection, first the internal factors (including advantages and disadvantages) were identified using human resource excellence indicators. Then, the opportunities and threats of human resource system were found via PESTEL approach. In the next step, the primary strategies were formulated using the strength, weakness, opportunities and threats (SWOT) Matrix. The next phases of the study were included evaluation and ranking of human resource development strategies based on analytical network process (ANP) multi-criteria decision making method and grey systems theory. According to results of the research, defensive strategies (WT) are suggested as the best and most appropriate strategies in human resource area. In other words, the internal and external factors of APC are problematic. Accordingly, APC is expected to adopt WT strategy, minimize the weaknesses, and avoid threats. Subsequent to the above policy, the strategies of WO, ST, and SO are advised to employ.