Abstract Existing studies for the balance control of unmanned bicycle robots only consider constant forward velocity and a single optimal objective that cannot be applied to the complex motion situation. To balance the bicycle robot with time‐varying forward velocity, only with the steering actuator, the multiple objective optimal balance control issue is studied here. A fuzzy state‐space model under different forward velocities is firstly offered based on the non‐linear Euler–Lagrange model. Based on this, a closed‐loop equation under a fuzzy controller is verified. To regulate the feedback gain of the fuzzy controller, a modified particle swarm optimization (MPSO) algorithm with two stages is proposed. In the MPSO's second stage, a novel objective fitness function, consisting of multiple objectives and combining the conventional Hurwitz stability analysis criterium, is designed. Procedures for the MPSO dynamic programming approach are presented. By two examples, the efficiency of the MPSO algorithm, for time‐varying and time‐constant velocity situations, and faster capacity for iteration convergence, are examined.