Feature dynamics have emerged as a critical topic about open-environment learning due to the instability of feature availability. While traditional feature evolution targets single-label tasks, multi-label learning is essential to accommodate the exploding annotation spaces. However, multi-label classification with incremental and decremental features is a crucial yet underexplored problem, which poses the challenge of preserving feature representations and label correlations from historical instances and simultaneously adapting to newly arriving streaming data. To address these issues, we propose a two-stage, one-pass learning approach termed MLID. It attempts to compress the informative content of vanished features into the domain of survived ones, facilitate the propagation of label dependencies via low-rank regularization of the classifier, and incorporate augmented features to construct an adaptive classification mechanism. Besides, we design optimization strategies for each stage and provide theoretical guarantees of convergence. Moreover, we establish the generalization error bound of MLID and demonstrate that the compactness of the trace norm and the reuse of models based on effective features can enhance the generalization performance. Finally, we extend it to multi-shot case and extensive experimental results validate the superiority of our MLID.