
die Wahl
choice
The possibility or process of deciding between two or more options.
Du hast die Wahl zwischen dem roten und dem blauen Kleid.
You have the choice between the red and the blue dress.
choice / election
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choice
The possibility or process of deciding between two or more options.
Du hast die Wahl zwischen dem roten und dem blauen Kleid.
You have the choice between the red and the blue dress.

election
A political process in which citizens cast their vote to elect people to office or vote on issues.
Die nächste Wahl zum Bundestag findet in zwei Jahren statt.
The next election for the Bundestag will take place in two years.

selection
The available range or assortment of things from which one can choose.
Der Supermarkt hat eine riesige Wahl an verschiedenen Joghurtsorten.
The supermarket has a huge selection of different types of yogurt.

choice / grade
Refers to a level of quality, often in the phrases 'erste Wahl' (first choice/best quality) or 'zweite Wahl' (second choice/goods with minor defects).
Für dieses Projekt ist sie als Mitarbeiterin die erste Wahl.
For this project, she is the first choice as an employee.
The noun 'die Wahl' (choice/election) is directly connected to the verb 'wählen' (to choose, to elect). Understanding the verb helps you work out the different meanings of the noun.
Wir müssen einen neuen Klassensprecher wählen.
We have to elect a new class representative.
In the meaning 'Entscheidungsmöglichkeit' (choice/decision option), 'Wahl' is often used with the verbs 'haben' (to have) and 'treffen' (to make). 'Die Wahl haben' means that options exist, while 'eine Wahl treffen' describes the active process of deciding.
Beim Nachtisch haben Sie die Wahl zwischen Eis und Kuchen.
For dessert, you have the choice between ice cream and cake.
The expression 'die Qual der Wahl haben' humorously describes the difficult situation of having to choose between many good options.
So viele tolle Reiseziele! Wir haben wirklich die Qual der Wahl.
So many great travel destinations! We really are spoiled for choice.
You can recognize the political meaning from words like 'Partei' (party), 'Kandidat' (candidate), 'Stimme' (vote), or 'wählen gehen' (to go vote). In this context, it always means a political vote.
Welche Partei hat die letzte Wahl gewonnen?
Which party won the last election?
The expressions 'erste Wahl' (first choice) and 'zweite Wahl' (second choice) are fixed phrases for describing quality. 'Erste Wahl' means the best option, while 'zweite Wahl' refers to lower quality or an alternative.
Dieses Hotel ist für unseren Familienurlaub die erste Wahl.
This hotel is the first choice for our family vacation.
decision
Wahl and Entscheidung both refer to settling on one option among several possibilities. Wahl focuses more on the available alternatives and the possibility of choosing; Entscheidung places more emphasis on the binding decision or its result. Use Wahl when weighing the options and Entscheidung after making the choice.

Bei den drei Angeboten hatte ich die Wahl zwischen verschiedenen Preisen.
With the three offers, I had a choice between different prices.
Nach langem Überlegen traf ich die Entscheidung für das günstigste Angebot.
After thinking it over for a long time, I decided on the cheapest offer.