Intermodal transport represents a key challenge in transition countries, including Bosnia and Herzegovina (B&H). Its development is hindered by various infrastructural, institutional, regulatory, and market barriers, while the fragmented institutional framework and limited coordination reduce its efficiency. This paper aim to identify the key barriers to the development of intermodal transport in B&H, from the perspectives of different stakeholder groups. For ranking the barriers, a hybrid multi-criteria decision-making (MCDM) model was applied, combining the Delphi and Best–Worst (BWM) methods in a grey environment. The results show that the key obstacles relate to the lack and poor connectivity of intermodal infrastructure, outdated railway and inland waterway networks, a non-harmonized regulatory framework, insufficient institutional and political support, and the absence of strategic documents, while operational and market challenges further compound the problem. The findings provide practical guidelines for decision-makers and policymakers to improve the planning and development of intermodal transport in B&H, contribute to its efficiency and sustainability, and facilitate strategic decision-making.