In this paper, an adaptive algorithm is proposed in streaming MPEG-4 contents with fluctuating resource amount such as throughput of network conditions. In the area of adaptive streaming issue, a lot of researches have been made on how to represent encoded media(such as video) bitstream in scalable way. By contrast, MPEG-4 supports object-based multimedia content which is composed of various types of media streams such as audio, video, image and other graphical elements. Thus, it can be more effective to provide individual media streams in scalable way for streaming object-based content to heterogeneous environment. The proposed method provides the multiple media streams corresponding to an object with different qualities and bit rate in order to support object based scalability to the MPEG-4 content. In addition, an optimal selection of the multiple streams for each object to meet a given constraint is proposed. The selection process is adopted a multiple choice knapsack problem with multi-step selection for the MPEG-4 objects with different scalability levels. The proposed algorithm enforces the optimal selection process to maintain the perceptual qualities of more important objects at the best effort. The experimental results show that the set of selected media stream for presenting objects meets a current transmission condition with more high perceptual quality.