System and method for optimizing event alerts in an information technology (IT) infrastructure management system are disclosed. In one embodiment, the method comprises tracking one or more event alerts triggered by monitoring tools. The method further comprises determining a probable usage for at least one configuration item associated with the one or more event alerts. The method further comprises determining a probable threshold value for each of the at least one configuration item based on the probable usage and capacity data. The method further comprises computing a final threshold value for each of the at least one configuration item based on the probable threshold value, seasonality data, or semantic context data. The method further comprises optimizing the event alerts by filtering at least one unwanted event alert from the one or more event alerts based on at least one of the final threshold value and filtering rules.