A multi-function power regulator for prioritizing functions and allocating resources thereof, the multi-function regulator including a plurality of resources each having a resource capacity limit. The multi-function regulator also includes a shunt converter is configured to perform one or more shunt converter functions while consuming one or more of the resources, a series converter is configured to perform one or more series converter functions while consuming one or more of the resources. A control engine coupled to the shunt converter, the series converter, and a plurality of sensors, the control engine is configured to monitor and control the one or more shunt converter functions and the one or more series converter functions. The multi-function regulator also includes a priority control engine coupled to the control engine, the priority control engine is configured to set a priority order for performing the one or more shunt converter functions and/or the one or more series converter functions and configured to determine whether one or more resource capacity limits has been exceeded or not exceeded by the shunt converter functions and/or the series converter function and in response to one or more exceeded resource capacity limits adjust the operation of the shunt converter functions and/or the series converter based on the priority order such that the one or more resource capacity limits exceeded is no longer exceeded.