Two-sided　matching　decision-making　(TSMDM)　problems　consist　of　two　distinct　subject　sets　and　an　intermediary.　The　TSMDM　problems　where　the　subjects　are　composed　of　multiple　participants　are　called　the　multi-participant　two-sided　matching　decision-making　(MPTSMDM)　problems.　The　task　of　intermediary　is　to　match　two　sides　of　subjects　one　by　one　and　make　the　matching　scheme　satisfy　all　subjects.　Due　to　the　linguistic　evaluations　of　the　participants　constitute　the　probabilistic　linguistic　term　sets　(PLTSs),　considering　the　risk　attitude　of　subjects,　we　propose　a　MPTSMDM　approach　under　the　probabilistic　linguistic　environment　based　on　prospect　theory.　The　PLTSs　are　firstly　normalized　by　using　the　novel　normalization　method.　Then,　the　weight-determining　model　is　solved　to　obtain　the　weighting　vectors　of　the　criteria.　Hereafter,　the　prospect　values　of　the　subjects　can　be　calculated　by　combining　the　prospect　theory　and　the　defined　distance　measure.　Afterward,　the　satisfaction　degrees　can　be　obtained　by　integrating　groups　of　prospect　values　under　all　criteria.　Furthermore,　the　multi-objective　model　is　built　and　transformed　into　the　single-objective　model,　the　optimal　solution　of　the　later　is　derived.　An　intelligent　technology　transfer　problem　is　resolved　by　using　the　proposed　MPTSMDM　approach.　The　sensitivity　analysis　and　several　comparison　analyses　are　conducted　to　verify　the　feasibility　and　the　effectiveness　of　the　proposed　MPTSMDM　approach.　©　2022,　The　Author(s)　under　exclusive　licence　to　Taiwan　Fuzzy　Systems　Association.