A blade server system with a management bus and method for managing the same. The blade server system includes a connection board and a management module. The connection board is used for modular interconnection, including communication paths for conducting signals including a management bus signal group and a first bus signal group. The management module is used for management of the blade server system using signals including the management bus signal group and the first bus signal group. If a module is detected, the management module selects the detected module through the management bus and acquires module configuration information of the detected module through the first bus signal group. Distribution of power from a power source to the blade server system is determined according to system configuration information including the module configuration information of the module so that the power source is prevented from being overloaded.