This paper deals with multi-objective optimization in decentralized management of development in large production organizations. In the model of large decentralized production system, which was introduced by Kulikowski, each sector maximizes the net profit by choosing the optimum input mix, produced by the remaining sectors while the central decision system maximizes the integrated output production function by the best allocation of investments and other government expenditure such as research and development, education, etc. We assume the sectors input-output relation is a generalized C.E.S. production function. The optimization problem in each sector is first solved and then the entire Pareto optimal solution set for multi-objective optimization problem in central decision system is derived.