ESXi virtualizes guest physical memory by adding an extra level of address translation.

The VMM for each virtual machine maintains a mapping from the guest operating system's physical memory pages to the physical memory pages on the underlying machine. (VMware refers to the underlying host physical pages as “machine” pages and the guest operating system’s physical pages as “physical” pages.)

Each virtual machine sees a contiguous, zero-based, addressable physical memory space. The underlying machine memory on the server used by each virtual machine is not necessarily contiguous.

The VMM intercepts virtual machine instructions that manipulate guest operating system memory management structures so that the actual memory management unit (MMU) on the processor is not updated directly by the virtual machine.

The ESXi host maintains the virtual-to-machine page mappings in a shadow page table that is kept up to date with the physical-to-machine mappings (maintained by the VMM).

The shadow page tables are used directly by the processor's paging hardware.

This approach to address translation allows normal memory accesses in the virtual machine to execute without adding address translation overhead, after the shadow page tables are set up. Because the translation look-aside buffer (TLB) on the processor caches direct virtual-to-machine mappings read from the shadow page tables, no additional overhead is added by the VMM to access the memory.

The use of two-page tables has these performance implications.

No overhead is incurred for regular guest memory accesses.

Additional time is required to map memory within a virtual machine, which might mean:

The virtual machine operating system is setting up or updating virtual address to physical address mappings.

The virtual machine operating system is switching from one address space to another (context switch).

Like CPU virtualization, memory virtualization overhead depends on workload.