New power management challenges in networked many-core systems arise when limitations of the dark silicon era come into reality. The main goal in the power management process is to achieve optimal power-performance efficiency considering thermal design power budget. This necessitates i) monitoring several system characteristics including both communication and computation aspects, ii) categorizing, prioritizing, and processing the information in an intelligent way, iii) and controlling a rich set of actuators. More precisely, a comprehensive Observe-Decide-Act (ODA) loop based multi-objective control approach is needed, which has access to a rich set of sensors and actuators. In this chapter, we first identify a necessary set of system parameters for monitoring such as an upper limit on total power consumption, dynamic behaviour of workloads, utilization of processing elements, per-core power consumption, load on network-on-chip, etc. We also discuss essential actuators needed for the power management process together with a multi-objective and dark silicon aware power management policy that is able to simultaneously consider all the mentioned parameters. As actuator, fine-grained voltage and frequency scaling is utilized, including near-threshold operation, per-core power gating, as well as scheduler-level actuation to maximize the system throughput while honoring the power budget.