One thing I've noticed generally in life, is that those people who tend to constantly criticise and belittle others lack confidence in their own abilities.
Does your boss have the same attitude towards your co-workers, or just with you? If it's just you, then it's possibly a personality clash, if it's everybody that works for him then it's most likely his personality.
Either way, I would generally tend to support what GGOSS says, in that you are unlikely to be able to change this, although you have slightly more of a chance if it's just you!
However, even if you can't change the situation, you may be able to manage it. In my opinion, it's just as (if not more) important to manage the people above you in an organisation as it is those reporting to you!
Firstly, understand what he wants. You MUST do this in a non-confrontational way, and when you are both reasonably relaxed. Go into his office, and ask him if you can have a word, and if you mind if you close the door. That will get his attention - guaranteed. Then calmly walk to a seat and sit down. Then tell him that there are some issues that he raised in your development review that you've been thinking about, and you'd like to discuss further.
If he's saying to you that you're not doing what he and his boss consider are important, then that may be a valid point. Try to elicit what exactly it is he does want. What areas would he prefer you to concentrate on? And, just as importantly, are there any things that you do, that he thinks you're wasting your time on? If he doesn't think that something you do is important, but really it is, tell him why you think it's important. Don't get into an argument though. Try something like - "Well I'll certainly try that, but if I don't do it, it might mean that something else will suffer".
Ask him what else would he like to see change about the way you work. Maybe he thinks you would benefit from a time management course, etc.? If so, give him the opportunity to say so, and try to respond positively to any suggestions.
Finally, after this give yourselves both some time to think things over, and come back with any other ideas. The onus is on you to make sure you follow this up regularly. Has he seen any improvement in the way you work as far as he is concerned? Is there anything else he'd like you to do?
If this doesn't work, or you are unwilling to adopt this approach to help to improve the situation, then you have 2 options - either put up with it or move. If you decide to move, it's often a good idea to look internally first.
One approach might be to tell your boss that you need some broader experience within the company, and can he find out if you could be seconded to a project within a different team.
Hope some of this helps. Let us know how you get on.