In this paper, we propose a novel network selection algorithm considering power consumption in hybrid wireless networks for vertical handover. CDMA, WiBro, WLAN networks are candidate networks for this selection algorithm. This algorithm is composed of the power consumption prediction algorithm and the final network selection algorithm. The power consumption prediction algorithm estimates the expected lifetime of the mobile station based on the current battery level, traffic class and power consumption for each network interface card of the mobile station. If the expected lifetime of the mobile station in a certain network is not long enough compared the handover delay, this particular network will be removed from the candidate network list, thereby preventing unnecessary handovers in the preprocessing procedure. On the other hand, the final network selection algorithm consists of AHP (Analytic Hierarchical Process) and GRA (Grey Relational Analysis). The global factors of the network selection structure are QoS, cost and lifetime. If user preference is lifetime, our selection algorithm selects the network that offers longest service duration due to low power consumption. Also, we conduct some simulations using the OPNET simulation tool. The simulation results show that the proposed algorithm provides longer lifetime in the hybrid wireless network environment.