Systems and methods are provided that enable flow aware buffer management. The method includes storing in a queue of a buffer a first type of traffic, storing in the queue of the buffer a second type of traffic, wherein the first type of traffic is less sensitive to latency than the second type of traffic, and when an amount of the first type of traffic meets or exceeds a first threshold, effecting flow control of the first type of traffic to slow a flow of the first type of traffic into the buffer. Flow control can be effected using packet marking or discarding packets. The methodology has particular utility in connection with managing elephant and mouse flows in a network switch.