Provided are a computer program product, system, and method for granting and revoking supplemental memory allocation requests. Supplemental memory allocations of memory resources are granted to applications following initial memory allocations of the memory resources to the applications. In response to determining that available memory resources have fallen below an availability threshold, determining a weighting factor for each supplemental memory allocation based on at least one of an amount of the memory resources allocated to the supplemental memory allocation and a measured duration during which the memory resources have been allocated. At least one of the supplemental memory allocations is selected to revoke based on the determined weighting factors of the supplemental memory allocations.