Despite the increasing scientific interest in the relationship between pacing and performance in endurance sports, little information is available about pacing and pacing variation in ultra-endurance events such as ultra-triathlons. Therefore, we aimed to investigate the trends of pacing, pacing variation, the influence of age, sex, and performance level in ultra-triathlons of different distances. We analysed 969 finishers (849 men, 120 women) in 46 ultra-triathlons longer than the original Ironman® distance (e.g., Double-, Triple-, Quintuple- and Deca Iron ultra-triathlons) held from 2004 to 2015. Pacing speed was calculated for every cycling and running lap. Pacing variation was calculated as the coefficient of variation (%) between the average speed of each lap. Performance level (i.e., fast, moderate, slow) was defined according to the 33.3 and 66.6 percentile of the overall race time. A multivariate analysis (two-way ANOVA) was applied for the overall race time as the dependent variable with ‘sex’ and ‘age group’ as independent factors. Another multivariate model with ‘age’ and ‘sex’ as covariates (two-way ANCOVA) was applied with pacing variation (cycling and running) as the dependent variable with ‘race’ and ‘performance level’ as independent factors. Different pacing patterns were observed by event and performance level. The general pacing strategy applied was a positive pacing. In Double and Triple Iron ultra-triathlon, faster athletes paced more evenly with less variation than moderate or slower athletes. The variation in pacing speed increased with the length of the race. There was no significant difference in pacing variation between faster, moderate, and slower athletes in Quintuple and Deca Iron ultra-triathlon. Women had a slower overall performance than men. The best overall times were achieved at the age of 30–39 years. Successful ultra-triathlon athletes adapted a positive pacing strategy in all race distances. The variation in pacing speed increased with the length of the race. In shorter ultra-triathlon distances (i.e., Double and Triple Iron ultra-triathlon), faster athletes paced more evenly with less variation than moderate or slower athletes. In longer ultra-triathlon distances (i.e., Quintuple and Deca Iron ultra-triathlon), there was no significant difference in pacing variation between faster, moderate, and slower athletes.