An interleaving coded multi-threshold scheduling (ICMTS) algorithm is proposed in this paper. Since the ICMTS algorithm uses the interleaving coded thresholds of two stage queues as the scheduling weights, it can systematically evaluate the scheduling demands of both the input queues and the crosspoint queues. By segmenting the queue length as multiple thresholds, the hardware resource of this algorithm can be largely decreased. It is proved that a CICQ (combined input-crosspoint-queued) switch operating with the ICMTS algorithm can achieve 100% throughput with a speedup of two. To facilitate hardware implementation, a simplified maximal ICMTS scheme is also presented with a time complexity of O(logN). Simulation results show that even the simplified ICMTS scheme can obtain better performance than the existing algorithms.