A memory management system is implemented at an application server. The management system includes a configuration file including configuration settings for the application server and applications. The configuration settings include multiple memory management rules. The management system also includes a memory management framework configured to manage settings of resources allocated to the applications based on the memory management rules. The applications requests for the resources through one or more independently operable request threads. The management system also includes multiple application programming interfaces (APIs) configured to facilitate communication between the applications and the memory management framework. The management system further includes a monitoring engine configured to monitor an execution of the request threads and perform actions based upon the configuration settings. The actions include notifying the applications about memory related issues and taking at least one preventive action to avoid the memory related issues.