Burst throttling methods may be used to manage computing resources of a data storage service. Tokens may represent I/O operations executed by a customer of the data storage service. A first token bucket may contain a set of tokens representing the overall I/O operation capacity of the data storage service. Additionally, a second token bucket may contain a set of tokens for a given logical volume maintained by the data storage service. When I/O requests are received tokens may be charged the first token bucket and the second token bucket. Furthermore, if there is sufficient capacity, the data storage service may charge a reduced number of tokens to the third token bucket.