Scheduling threads in a multi-threaded/multi-core processor having a given instruction window, and scheduling a predefined number N of threads among a set of M active threads in each context switch interval are provided. The actual power consumption of each running thread during a given context switch interval is determined, and a predefined priority level is associated with each thread among the active threads based on the actual power consumption determined for the threads. The power consumption expected for each active thread during the next context switch interval in the current instruction window (CIW_Power_Th) is predicted, and a set of threads to be scheduled among the active threads are selected from the priority level associated with each active thread and the power consumption predicted for each active thread in the current instruction window.