A memory system and method for power-based operation scheduling are provided. In one embodiment, a memory system begins to perform a plurality of operations in an order in which they are stored in a queue. Before performing a next operation in the queue, the memory system determines whether the power consumed by performing the next operation would exceed a maximum power threshold. In response to determining that the power consumed would exceed the maximum power threshold, the memory system selects an operation out of order from the queue to perform instead, so the maximum power threshold would not be exceeded. Other embodiments are provided.