Provided are a method, system, and program for parallelizing source code with a compiler. Source code including source code statements is received. The source code statements are processed to determine a dependency of the statements. Multiple groups of statements are determined from the determined dependency of the statements, wherein statements in one group are dependent on one another. At least one directive is inserted in the source code, wherein each directive is associated with one group of statements. Resulting threaded code is generated including the inserted at least one directive. The group of statements to which the directive in the resulting threaded code applies are processed as a separate task. Each group of statements designated by the directive to be processed as a separate task may be processed concurrently with respect to other groups of statements.