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Recent reinforcement learning (RL) works have demonstrated that using multiple quality rewards can improve the quality of generated images in text-to-image (T2I) generation. However, manually adjusting reward weights poses challenges and may cause over-optimization in certain metrics. To solve this, we propose Parrot, which addresses the issue through multi-objective optimization and introduces an effective multi-reward optimization strategy to approximate Pareto optimal. Utilizing batch-wise Pareto optimal selection, Parrot automatically identifies the optimal trade-off among different rewards. We use the novel multi-reward optimization algorithm to jointly optimize the T2I model and a prompt expansion network, resulting in significant improvement of image quality and also allow to control the trade-off of different rewards using a reward related prompt in inference. Furthermore, we introduce original prompt-centered guidance at inference time, ensuring fidelity to user input after prompt expansion. Extensive experiments and a user study validate the superiority of Parrot over several baselines across various quality criteria, including aesthetics, human preference, text-image alignment, and image sentiment.