A method and system for progressively reducing the power consumption of a serial memory device is provided, called the power control system. The power control system monitors the ports of a multi-port serial memory so that they can be enabled or disabled on a per-port basis. When data is not being transmitted or received on a port, a series of steps are taken to progressively de-power portions of the port and cause the port to enter into a low-power state. By disabling certain ports and placing ports in a low-power state, the power consumption of the overall serial port memory is significantly reduced.