Multi-view multi-label learning frequently suffers from simultaneous feature absence and incomplete annotations, due to challenges in data acquisition and cost-intensive supervision. To tackle the complex yet highly practical problem while overcoming the existing limitations of feature recovery, representation disentanglement, and label semantics modeling, we propose an Adaptive Disentangled Representation Learning method (ADRL). ADRL achieves robust view completion by propagating feature-level affinity across modalities with neighborhood awareness, and reinforces reconstruction effectiveness by leveraging a stochastic masking strategy. Through disseminating category-level association across label distributions, ADRL refines distribution parameters for capturing interdependent label prototypes. Besides, we formulate a mutual-information-based objective to promote consistency among shared representations and suppress information overlap between view-specific representation and other modalities. Theoretically, we derive the tractable bounds to train the dual-channel network. Moreover, ADRL performs prototype-specific feature selection by enabling independent interactions between label embeddings and view representations, accompanied by the generation of pseudo-labels for each category. The structural characteristics of the pseudo-label space are then exploited to guide a discriminative trade-off during view fusion. Finally, extensive experiments on public datasets and real-world applications demonstrate the superior performance of ADRL.