Methods, systems, and computer readable media for hybrid session based Diameter routing are disclosed. According to one method, the method comprises receiving, at a first Diameter signaling router (DSR), a first Diameter message for processing by a Diameter server. The method also includes selecting, using a Diameter node selection algorithm that operates on at least one parameter in the first Diameter message without requiring use of stored Diameter binding information, a first Diameter server to which the first Diameter message is to be routed. The method further includes determining whether the first Diameter server is available. The method also includes, in response to determining that the first Diameter server is not available, selecting a second Diameter server to which the first Diameter message is to be routed and creating an exception binding record that associates the second Diameter server and information in the first Diameter message.