This paper presents a long-term dynamic multi-objective model for distributed generation investment. The proposed model optimizes three objectives, namely active losses, costs and environmental emissions and determines the optimal schemes of sizing, sitting of DG units and specially the dynamics of investment over the planning period. The Pareto optimal solutions of the problem are found using a GA algorithm and finally a fuzzy satisfying method is applied to select the optimal solution considering the desires of the planner. The solutions of Pareto optimal front are analyzed to extract general useful information for planners about the appropriate DG technologies and placement schemes. The effectiveness of the proposed model is demonstrated by applying it on a test distribution system and the results are presented, discussed and compared to other methods.