Quartz is a richly featured, open source job scheduling library that can be integrated within virtually any Java application - from the smallest stand-alone application to the largest e-commerce system. Quartz can be used to create simple or complex schedules for executing tens, hundreds, or even tens-of-thousands of jobs; jobs whose tasks are defined as standard Java components that may execute virtually anything you may program them to do. The Quartz Scheduler includes many enterprise-class features, such as support for JTA transactions and clustering. Quartz is freely usable, licensed under the Apache 2.0 license.
Quartz offcial site: http://www.quartz-scheduler.org/