A system and method for scheduling a thread identifies runnable threads based on precycle signals determined before the scheduling cycle. The thread indexes of the runnable threads are grouped according to the thread priorities of the runnable threads, and the thread indexes are ranked within each group. The runnable threads that will be runnable in the next scheduling cycle are identified based on same cycle signals determined during the scheduling cycle. The highest ranked thread index of the runnable threads that will also be runnable in the next scheduling cycle is selected as the scheduled thread. In another configuration, a round robin ranking and a priority ranking are determined for the thread indexes. The thread indexes are then ranked according to the round robin ranking and the priority ranking and the highest ranked thread index of a runnable thread is selected as the scheduled thread.