Techniques are described herein for allocating and rebalancing computing resources for executing graph workloads in manner that increases system throughput. According to one embodiment, a method includes receiving a request to execute a graph processing workload on a dataset, identifying a plurality of graph operators that constitute the graph processing workload, and determining whether execution of each graph operator is processor intensive or memory intensive. The method also includes assigning a task weight for each graph operator of the plurality of graph operators, and performing, based on the assigned task weights, a first allocation of computing resources to execute the plurality of graph operators. Further, the method includes causing, according to the first allocation, execution of the plurality of graph operators by the computing resources, and monitoring computing resource usage of graph operators executed by the computing resources according to the first allocation. In addition, the method includes performing, responsive to monitoring computing resource usage, a second allocation of computing resources to execute the plurality of graph operators, and causing, according to the second allocation instead of according to the first allocation, execution of the plurality of graph operators by the computing resources.