Real-time resource allocation is crucial for phased array radar to undertake multi-task with limited resources, such as the situation of multi-target tracking, in which targets need to be prioritized so that resources can be allocated accordingly and effectively. A three-way decision-based model is proposed for adaptive scheduling of phased radar dwell time. Using the model, the threat posed by a target is measured by an evaluation function, and therefore, a target is assigned to one of the three possible decision regions, i.e., positive region, negative region, and boundary region. A different region has a various priority in terms of resource demand, and as such, a different radar resource allocation decision is applied to each region to satisfy different tracking accuracies of multi-target. In addition, the dwell time scheduling model can be further optimized by implementing a strategy for determining a proper threshold of three-way decision making to optimize the thresholds adaptively in real-time. The advantages and the performance of the proposed model have been verified by experimental simulations with comparison to the traditional two-way decision model and the three-way decision model without threshold optimization. The experiential results demonstrate that the performance of the proposed model has a certain advantage in detecting high threat targets.