Dynamic power budget allocation in a multi-processor system is described. In an example, an apparatus includes a plurality of processor units; and a power control component, the power control component to monitor power utilization of each of the plurality of processor units, wherein power consumed by the plurality of processor units is limited by a global power budget. The apparatus is to assign a workload to each of the processor units and is to establish an initial power budget for operation of each of the processor units, and, upon the apparatus determining that one or more processor units require an increased power budget based on one or more criteria, the apparatus is to dynamically reallocate an amount of the global power budget to the one or more processor units.