Provided are a method, system, and article of manufacture for pooling of storage. Volume attributes are assigned to a plurality of physical volumes. Pool attributes are assigned to a plurality of storage pools, wherein the pool attributes include policies for borrowing and returning the plurality of physical volumes to and from the plurality of storage pools. One of the plurality of physical volumes is allocated to one of the plurality of storage pools based on the volume attributes of the one of the plurality of physical volumes and the pool attributes of the one of the plurality of storage pools.