A memory power management system and method supporting multiple power modes for powering memory channels. The power management system can include a memory controller that controls the memory channel; a throughput detector that detects a requested throughput of the memory channel; a power control logic that determines a desired power mode corresponding to the requested throughput; and a power control device that supplies a desired voltage of the desired power mode to the memory channel. The power management system can include multiple memory controllers for controlling a multi-channel memory independently. The method includes detecting a requested throughput for the memory channel; determining a desired voltage related to the requested throughput; requesting the desired voltage from a voltage device; and applying the desired voltage to the memory channel. In some embodiments, the method only applies the desired voltage if it does not change for a threshold time duration.