Technologies for switch link and ply management for variable oversubscription ratios include powering up and down links of one or more network plys according to bandwidth demand, desired oversubscription ratio and/or other parameters. Telemetry data representing one or more network traffic metrics of one or more switch plies is monitored to determine respective power states of the plurality of links associated with the one or more switch plies as a function of a desired oversubscription ratio calculated based on the telemetry data. The respective power state of the plurality of links is set accordingly.