In this paper, a multi-item multi-period inventory control model is developed for known-deterministic variable demands under limited available budget. Assuming the order quantity is more than the shortage quantity in each period, the shortage in combination of backorder and lost sale is considered. The orders are placed in batch sizes and the decision variables are assumed integer. Moreover, all unit discount for a number of products and incremental quantity discount for some other items are considered. While the objectives are to minimize both the total inventory cost and the required storage space, the model is formulated into a fuzzy multi-criteria decision making (FMCDM) framework and is shown to be a mixed integer nonlinear programming type. In order to solve the model, a multi-objective particle swarm optimization (MOPSO) approach is applied. A set of compromise solution including optimum and near optimum ones via MOPSO has been derived for some numerical illustration, where the results are compared with those obtained using a weighting approach. To assess the efficiency of the proposed MOPSO, the model is solved using multi-objective genetic algorithm (MOGA) as well. A large number of numerical examples are generated at the end, where graphical and statistical approaches show more efficiency of MOPSO compared with MOGA.