A host device is configured to communicate over a network with a storage system comprising a plurality of storage devices. The host device comprises a multi-path input-output (MPIO) driver configured to control delivery of input-output (IO) operations from the host device to the storage system over selected ones of a plurality of paths through the network. The MPIO driver is further configured to determine IO processing performance for each of at least a subset of the paths, and to dynamically adjust a path selection algorithm utilized in selecting particular ones of the paths for delivery of the IO operations from the host device to the storage system based at least in part on the determined performance. For example, dynamically adjusting a path selection algorithm illustratively comprises activating a particular one of a plurality of distinct path selection algorithms available to the MPIO driver and/or adjusting one or more parameters of a given path selection algorithm.