The number and diversity of cores in on-chip systems is increasing rapidly. However, due to the Thermal Design Power (TDP) constraint, it is not possible to continuously operate all cores at the same time. Exceeding the TDP constraint may activate the Dynamic Thermal Management (DTM) to ensure thermal stability. Such hardware based closed-loop safeguards pose a big challenge in using many-core chips for real-time tasks. Managing the worst-case peak power usage of a chip can help toward resolving this issue. We present a scheme to minimize the peak power usage for frame-based and periodic real-time tasks on many-core processors by scheduling the sleep cycles for each active core and introduce the concept of a sufficient test for peak power consumption for task feasibility. We consider both inter-task and inter-core diversity in terms of power usage and present computationally efficient algorithms for peak power minimization for these cases, i.e., a special case of “homogeneous tasks on homogeneous cores” to the general case of “heterogeneous tasks on heterogeneous cores”. We evaluate our solution through extensive simulations using the 48-core SCC platform and gem5 architecture simulator. Our simulation results show the efficacy of our scheme.