Certain embodiments of the invention may be found in a method for memory management for a mobile multimedia processor. The method may comprise receiving within a mobile multimedia processor chip a plurality of memory requests. The plurality of memory requests may be handled by allocating memory from at least one on-chip memory block and/or at least one off-chip memory block. The memory may be allocated based on a priority level of each of the plurality of memory requests and at least one dynamically settable global memory allocation priority threshold. A new dynamically settable global memory allocation priority threshold may be dynamically determined based on a new application and/or by monitoring at least one software process in at least one present application. Additionally, new memory request priority level may be dynamically determined for each memory request in at least one software process in a new application.