To flexibly meet users' demands in cloud computing, it is essential for providers to establish the efficient virtual mapping in datacenters. Accordingly, virtualization has become a key aspect of cloud computing. It is possible to consolidate resources based on the single objective of reducing energy consumption. However, it is challenging for the provider to consolidate resources efficiently based on a multiobjective optimization strategy. In this paper, we present a novel migration algorithm to consolidate resources adaptively using a two-level scheduling algorithm. First, we propose the grey relational analysis (GRA) and technique for order preference by similarity to the ideal solution (TOPSIS) policy to simultaneously determine the hotspots by the main selected factors, including the CPU and the memory. Second, a two-level hybrid heuristic algorithm is designed to consolidate resources in order to reduce costs and energy consumption, mainly depending on the PSO and ACO algorithms. The improved PSO can determine the migrating VMs quickly, and the proposed ACO can locate the positions. Extensive experiments demonstrate that the two-level scheduling algorithm performs the consolidation strategy efficiently during the dynamic allocation process.