One of the most promising strategies that will smooth out the maintainability issues of the software is refactoring. Due to lack of proper design approach, the code often inherits some bad smells which may lead to improper functioning of the code, especially when it is subject to change and requires some maintenance. A lot of studies have been performed to optimize the refactoring strategy which is also a very expensive process. In this paper, a component based system is considered, and a Fuzzy Multi Criteria Decision Making (FMCDM) model is proposed by combining subjective and objective weights to rank the components as per their urgency of refactoring. Jdeodorant tool is used to detect the code smells from the individual components of a software system. The objective method uses the Entropy approach to rank the component having the code smell. The subjective method uses the Fuzzy TOPSIS approach based on decision makers’ judgement, to identify the critically and dependency of these code smells on the overall software. The suggested approach is implemented on component-based software having 15 components. The constitute components are ranked based on refactoring requirements.