In general, the invention is directed to techniques for improving memory utilization in a priority queuing system of a network device. More specifically, a priority queue memory management system is described in which memory pages are assigned to the various priority queues in order to implement an efficient first in, first out (FIFO) functionality. The dynamic memory techniques described herein allow the multiple priority queues to share a common memory space. As a result, each priority queue does not require a pre-allocated amount of memory that matches the aggregate size of the packets that must be buffered by the queue.