A method, system and computer program product are disclosed for direct storage device sharing in a virtualized environment. In an embodiment, the method comprises assigning each of a plurality of virtual functions an associated memory area of a physical memory, and executing the virtual functions in a single root-input/output virtualization environment to provide each of a plurality of guests with direct access to the physical memory. In one embodiment, each of the guests is associated with a respective one of the virtual functions; and the assigning each of the plurality of virtual functions an associated memory area includes maintaining a per-virtual function mapping table identifying a respective one mapping function for each of the virtual functions, and each of the mapping functions mapping one of the memory areas of the physical area to an associated virtual memory.