Many control problems in process systems feature multi-objective optimization problems that involve several and often conflicting objective functions, such as economic profit and environmental concerns. In this paper, we consider a class of multi-objective model predictive control (MO-MPC) problems where nonlinear systems are subject to state and control constraints and multiple economic criteria are conflicting. Using the lexicographic optimization, we propose a prioritized MO-MPC scheme with guaranteed stability for economic optimization. At each sampling time, the MPC action is computed by solving a set of sequentially ordered single objective optimized control problems. Some sufficient conditions are established to ensure recursive feasibility and asymptotic stability of the MO-MPC in the context of economic criteria optimization. Two examples of multi-objective control of a coupled-tank system and a free-radical polymerization process are exploited to illustrate the effectiveness of the proposed MPC scheme and to evaluate the performance by some comparison experiments.