Aspects of a method and system for network communications via a configurable multi-use Ethernet PHY are provided. In this regard, an Ethernet PHY may be configured based on characteristics of a network link over which the Ethernet PHY communicates, energy efficiency considerations, etc. In one embodiment a first Ethernet PHY, a first MAC, a second Ethernet PHY, and a second MAC can be integrated within a network device. Data can be received by the second Ethernet PHY, buffered in a queue, and transmitted by the first Ethernet PHY, where the second Ethernet PHY receives the data at a rate that may be different than the rate at which the first Ethernet PHY transmits the data. In some instances, the second Ethernet PHY may be operable to request that a link partner pause or slow down transmission of data based on a status of the queue.