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Class-imbalance is one of the major challenges in real world datasets, where a few classes (called majority classes) constitute much more data samples than the rest (called minority classes). Learning deep neural networks using such datasets leads to performances that are typically biased towards the majority classes. Most of the prior works try to solve class-imbalance by assigning more weights to the minority classes in various manners (e.g., data re-sampling, cost-sensitive learning). However, we argue that the number of available training data may not be always a good clue to determine the weighting strategy because some of the minority classes might be sufficiently represented even by a small number of training data. Overweighting samples of such classes can lead to drop in the model's overall performance. We claim that the 'difficulty' of a class as perceived by the model is more important to determine the weighting. In this light, we propose a novel loss function named Class-wise Difficulty-Balanced loss, or CDB loss, which dynamically distributes weights to each sample according to the difficulty of the class that the sample belongs to. Note that the assigned weights dynamically change as the 'difficulty' for the model may change with the learning progress. Extensive experiments are conducted on both image (artificially induced class-imbalanced MNIST, long-tailed CIFAR and ImageNet-LT) and video (EGTEA) datasets. The results show that CDB loss consistently outperforms the recently proposed loss functions on class-imbalanced datasets irrespective of the data type (i.e., video or image).