In the last two decades, multiobjective optimization has become main stream and various multiobjective evolutionary algorithms (MOEAs) have been suggested in the field of evolutionary computing (EC) for solving hard combinatorial and continuous multiobjective optimization problems. Most MOEAs employ single evolutionary operators such as crossover, mutation and selection for population evolution. In this paper, we suggest a multiobjective evolutionary algorithm based on multimethods (MMTD) with dynamic resource allocation for coping with continuous multi-objective optimization problems (MOPs). The suggested algorithm employs two well known population based stochastic algorithms namely MOEA/D and NSGA-II as constituent algorithms for population evolution with a dynamic resource allocation scheme. We have examined the performance of the proposed MMTD on two different MOPs test suites: the widely used ZDT problems and the recently formulated test instances for the special session on MOEAs competition of the 2009 IEEE congress on evolutionary computation (CEC'09). Experimental results obtained by the suggested MMTD are more promising than those of some state-of-the-art MOEAs in terms of the inverted generational distance (IGD)-metric on most test problems.