An example method for optimizing power consumption of digital circuits using dynamic voltage and threshold scaling (DVTS) is provided. A propagation delay of a signal through a portion of the circuit is determined and if the propagation delay does not meet a specified delay requirement, then a supply voltage and/or threshold voltage of the circuit is adjusted. Subsequently, a power consumption level of the circuit is determined and compared to previous power consumption levels. The supply and/or threshold voltage of the circuit can be readjusted to enable the circuit to meet specified power consumption requirements and the specified delay requirement, for example.