Super-resolution (SR) is a severely ill-posed problem with inherent ambiguity, as widely recognized in both empirical and theoretical studies. Although recent semantic-guided and multi-modal SR methods exploit large models or external priors to enhance semantic alignment, the fusion of heterogeneous modalities remains insufficiently understood in practice and theory. In this work, we provide the first theoretical modeling of multi-modal SR, revealing that prior methods are bottlenecked by sub-optimal modality utilization. Our analysis shows that the generalization risk bound can be improved by strengthening the alignment between modality weights and their effective contributions, while reducing representation complexity. This theoretical insight inspires us to propose the novel Multi-Modal Mixture-of-Experts Super-Resolution framework (M$^3$ESR) that employs generalization-oriented dynamic modality fusion for accurate risk control and modality contribution optimization. In detail, we propose a novel spatially dynamic modality weighting module and a temporally adaptive modality temperature scheduling mechanism, enabling flexible and adaptive spatial-temporal modality weighting for effective risk control. Extensive experiments demonstrate that our M$^3$ESR significantly boosts generalization and semantic consistency performances, which confirms our superiority.