A system and method can support dynamic provisioning in a network switch environment, such as supporting virtualized switch classification tables in a network switch. The system can provide a plurality of memory blocks that can be used to build one or more classification tables for supporting packet processing. Furthermore, the system can comprise a management entity that operates to monitor traffic profile associated with a network port in the network switch. Then, the management entity can allocate one or more memory blocks in the plurality of memory blocks for a logical classification table, and associate the logical classification table with the network port.