Embodiments of the present disclosure provide a method, an apparatus and a computer program product for managing an input/output (I/O). The method comprises, in response to receiving a first I/O request of a first type for a storage device, determining whether there exists at least one credit available to the first type of I/O requests. Each of the at least one credit indicates I/O processing capability reserved by the storage device for the first type of I/O requests. The method further comprises allocating a first credit to the first I/O request based on a result of the determining. The method further comprises performing, by using the first credit, an I/O operation requested by the first I/O request on the storage device. Moreover, the method further comprises, in response to completion of the I/O operation, recycling the first credit for use by a subsequent I/O request. Embodiments of the present disclosure can implement dynamic allocation of I/O processing capability for different types of I/Os.