An example method for facilitating policy-driven storage in a microserver computing environment is provided and includes receiving, at an input/output (I/O) adapter in a microserver chassis having a plurality of compute nodes and a shared storage resource, policy contexts prescribing storage access parameters of respective compute nodes and enforcing the respective policy contexts on I/O operations by the compute nodes, in which respect a particular I/O operation by any compute node is not executed if the respective policy context does not allow the particular I/O operation. The method further includes allocating tokens to command descriptors associated with I/O operations for accessing the shared storage resource, identifying a violation of any policy context of any compute node based on availability of the tokens, and throttling I/O operations by other compute nodes until the violation disappears.