A memory device and a method for rescheduling memory operations for dynamically controlling power consumption of the memory device is disclosed. The method includes receiving a plurality of memory operations for a plurality of memory arrays of a memory device via a memory channel; storing the plurality of memory operations in a plurality of queues associated with the memory array; receiving a power budget associated with the plurality of memory arrays; determining one or more candidate memory operations in the plurality of queues to meet the power budget for a time window; dynamically rearranging the plurality of memory operations in the plurality of queues and generating rescheduled memory operations that meet the power budget for the time window; and fetching the rescheduled memory operations to the plurality of memory arrays.