In this work, a multi-objective optimization framework is developed for optimizing low Reynolds number ([Formula: see text]) hovering flight. This framework is then applied to compare the efficiency of rigid revolving and flapping wings with rectangular shape under varying [Formula: see text] and Rossby number ([Formula: see text], or aspect ratio). The proposed framework is capable of generating sets of optimal solutions and Pareto fronts for maximizing the lift coefficient and minimizing the power coefficient in dimensionless space, explicitly revealing the trade-off between lift generation and power consumption. The results indicate that revolving wings are more efficient when the required average lift coefficient [Formula: see text] is low (<1 for [Formula: see text] and <1.6 for [Formula: see text]), while flapping wings are more efficient in achieving higher [Formula: see text]. With the dimensionless power loading as the single-objective performance measure to be maximized, rotary flight is more efficient than flapping wings for [Formula: see text] regardless of the amount of energy storage assumed in the flapping wing actuation mechanism, while flapping flight is more efficient for [Formula: see text]. It is observed that wings with low [Formula: see text] perform better when higher [Formula: see text] is needed, whereas higher [Formula: see text] cases are more efficient at [Formula: see text] regions. However, for the selected geometry and [Formula: see text], the efficiency is weakly dependent on [Formula: see text] when the dimensionless power loading is maximized.