The enriched neodymium-150 (Nd-150) isotope has important applications in fields such as nuclear industry and basic scientific research. The Nd isotope separation can be conducted by atomic vapor laser isotope separation (AVLIS), where the target isotope is selectively ionized through the λ₁ = 596 nm → λ₂ = 579 nm → λ₃ = 640 nm photoionization scheme, and non-target isotopes remain neutral due to the frequency-detuned excitation. Subsequently, an external electric field is applied to extract the ions from the laser-produced plasma. The Nd-150 abundance in the product cannot meet the requirement of the application, attributed to the nearly negligible isotope shift of the λ₂ = 579 nm transition, thus resulting in the excess ionization of non-target isotopes. A new high-selectivity photoionization scheme is desirable to address this limitation, and its expected parameter values can be determined through numerical calculations prior to the time-consuming atomic spectroscopy experiments. In this study, a three-step selective photoionization model is established based on the density matrix theory, with the consideration of the hyperfine structures and magnetic sublevels. This model allows the flexible adjustments of atomic parameters (e.g. branching ratio, isotope shift, hyperfine constant) and laser parameters (e.g. frequency, power density, bandwidth, polarization), while the ionization probabilities of magnetic sublevel transitions can be quantitatively predicted. For the existing schemes, the branching ratios are determined by comparing literature data with numerical results, and the Nd-150 abundance values under different laser bandwidths are evaluated. Further, an alternative scheme is numerically explored on the assumption that the first transition remains unchanged and the second transition has a more significant isotope shift and a smaller branching ratio, and the Nd-150 abundance values under different combinations of isotope shifts, hyperfine structures, and laser bandwidths are evaluated, with all the natural Nd isotopes included. From the numerical results, a scheme with the angular momentum of the second excited state J₃ = 6, the isotope shift between Nd-148 and Nd-150 IS_23,148 ≥ 300 MHz, and a lower reduced dipole matrix element of the second transition reaching approximately 30% of that of λ₂ = 579 nm, can produce the high-abundance Nd-150 (>95%, equivalent to that of the electromagnetic separation method) under the bandwidths: b₁₂ ≤ 0.5 GHz and b₂₃ ≤ 1.0 GHz, and parallel linear-polarized lasers. Using the lasers with narrower bandwidth can achieve higher abundance, which is superior to the electromagnetic separation method. The expected high-abundance Nd-150 can be attributed to the combined effects of multi-factors: the larger isotope shift between Nd-150 and Nd-148 than that between other adjacent isotope pairs, the insignificant hyperfine splitting of odd isotopes, and the match between narrow-bandwidth lasers and Nd I spectroscopic parameters. These parameter values can serve as benchmarks helpful for experimental parameter selection in the forthcoming high-precision spectroscopy experiments.