Provided are a computer program product, system, and method for determining an optimum number of threads to make available per core in a multi-core processor complex to execute tasks. A determination is made of a first processing measurement based on threads executing on the cores of the processor chip, wherein each core includes circuitry to independently execute a plurality of threads. A determination is made of a number of threads to execute on the cores based on the first processing measurement. A determination is made of a second processing measurement based on the threads executing on the cores of the processor chip. A determination is made of an adjustment to the determined number of threads to execute based on the second processing measurement resulting in an adjusted number of threads. The adjusted number of threads on the cores is utilized to execute instructions.