The present application is directed towards policy based routing for intelligent traffic management via multiple next hops. In some embodiments, the systems and methods disclosed herein may provide management of inbound and outbound traffic across multiple network links, and may further provide reliability in case of link failure, and provide balancing of traffic, responsive to the latency and bandwidth requirements of various applications. Accordingly, these systems and methods may provide intelligent policy-based routing and network and port address translation, sensitive to application traffic types, protocols, source IP addresses and ports, destination IP addresses and ports, or any combination thereof, and can balance traffic loads among multiple available paths based on multiple traffic characteristics. The routing may performed on a packet-by-packet basis, a transaction-by-transaction basis, or a session-by-session basis, and the systems and methods may include capabilities for application-aware health monitoring of available network paths.