A method and system for allocating a plurality of subcarriers to a plurality of subscriber devices in a wireless network. A set of characteristics is identified (302) for a transmission on each of the plurality of subcarriers. A dynamic weight is assigned (304) to at least one subscriber device of the plurality of subscriber devices at each decision instance of the transmission corresponding to the at least subscriber device. The assignment of the dynamic weight is based on at least one of a throughput, delay, packet-loss and queue length requirement of one or more flows of the subscriber device. Further, a set of optimum values is determined (306) for the set of characteristics based on the dynamic weights and channel feedback. The plurality of subcarriers are allocated (308) to the at least one subscriber device based on at least one optimum value of the set of optimum values.