A system and method are disclosed that utilize analog detection of an integrated circuit's (“chip's”) power consumption to enable power consumption management. On-chip circuitry may be utilized to detect analog electrical characteristics of the chip, such as its voltage, from which the chip's power consumption is determined. One embodiment utilizes on-chip circuitry to manage long-term, sustained power consumption of the chip, which encompasses power consumption for approximately a microsecond, as well as more extended time frames. Another embodiment utilizes on-chip circuitry to manage short-term power consumption of the chip, which encompasses power consumption for less than a microsecond (e.g., nanosecond time frame). A preferred embodiment implements both the circuitry for managing long-term power consumption and the circuitry for managing short-term power consumption. On-chip control circuitry may be implemented to trigger certain operations to reduce the chip's long-term and/or short-term power consumption upon determination that such power consumption is too high.