Deep long-tailed recognition (DTLR) has attracted much attention due to its close touch with realistic scenarios. Recent advances have focused on re-balancing across various aspects, e.g., sampling strategy, loss re-weighting, logit adjustment, and input/parameter perturbation, to name a few. However, few studies have considered dynamic re-balancing to address intrinsic optimization conflicts. In this paper, we first empirically argue that the optimizations of mainstream DLTR methods are still dominated by some categories (e.g., major) due to a fixed re-balancing strategy. Thus, they fail to deal with gradient conflicts among categories, which naturally deduces the motivation for reaching Pareto optimal solutions. Unfortunately, a naive integration of multi-objective optimization (MOO) with DLTR methods is not applicable due to the gap between multi-task learning (MTL) and DLTR, and can in turn lead to class-specific feature degradation. Thus, we provide effective alternatives by decoupling MOO-based MTL from the temporal rather than structure perspective, and enhancing it via optimizing variability collapse loss motivated by the derived MOO-based DLTR generalization bound. Moreover, we resort to anticipating worst-case optimization with theoretical insights to further ensure convergence. We build a Pareto deep long-tailed recognition method termed PLOT upon the proposed MOO framework. Extensive evaluations demonstrate that our method not only generally improves mainstream pipelines, but also achieves an augmented version to realize state-of-the-art performance across multiple benchmarks.