Developing countries face persistent challenges in reducing food loss and waste (FLW), threatening food security, environmental sustainability, and economic resilience. This study presents a systematic review of 19 peer-reviewed articles from the Scopus database, supplemented by global datasets from FAO, UNEP, and the World Bank, to validate impact and feasibility variables. This study proposes a hybrid decision model that combines the Multi-Criteria Decision-Making (MCDM) framework with Failure Mode and Effects Analysis (FMEA) to evaluate FLW strategies across five criteria: economic, environmental, social, scalability, and implementation complexity, grouped into behavioral, technological, processing, systemic, and policy-based categories. The evaluation applied entropy-derived weights and ranked the TOPSIS method, with risk dimensions (severity, occurrence, and detection) adjusting feasible weights. The results indicate that behavioral strategies rank highest due to strong social resonance and moderate risk, making them suitable for early-stage interventions. Processing strategies offer the best balance between environmental performance and operational viability, while systemic and policy-based strategies, though theoretically robust, face high complexity and institutional dependencies. This study presents a reproducible, risk-sensitive prioritization framework for policymakers and practitioners in the Global South, supporting the informed selection of FLW interventions aligned with SDG 12.3 by aligning sustainability performance with real-world feasibility.