As a new generation of Public Bicycle-sharing Systems (PBS), the Dockless PBS (DL-PBS) is an important application of cyber-physical systems and intelligent transportation. How to use artificial intelligence to provide efficient bicycle dispatching solutions based on dynamic bicycle rental demand is an essential issue for DL-PBS. In this article, we propose MORL-BD, a dynamic bicycle dispatching algorithm based on multi-objective reinforcement learning to provide the optimal bicycle dispatching solution for DL-PBS. We model the DL-PBS system from the perspective of cyber-physical systems and use deep learning to predict the layout of bicycle parking spots and the dynamic demand of bicycle dispatching. We define the multi-route bicycle dispatching problem as a multi-objective optimization problem by considering the optimization objectives of dispatching costs, dispatch truck's initial load, workload balance among the trucks, and the dynamic balance of bicycle supply and demand. On this basis, the collaborative multi-route bicycle dispatching problem among multiple dispatch trucks is modeled as a multi-agent and multi-objective reinforcement learning model. All dispatch paths between parking spots are defined as state spaces, and the reciprocal of dispatching costs is defined as a reward. Each dispatch truck is equipped with an agent to learn the optimal dispatch path in the dynamic DL-PBS network. We create an elite list to store the Pareto optimal solutions of bicycle dispatch paths found in each action, and finally get the Pareto frontier. Experimental results on the actual DL-PBS show that compared with existing methods, MORL-BD can find a higher quality Pareto frontier with less execution time.