A method and system to handle an asynchronous page fault in a virtual machine system. A computer hosts a virtual machine that includes a virtual central processing unit (CPU). The virtual CPU requests access to a page that is not resident in memory. The host operating system of the computer receives an indication of a page fault, and informs the virtual CPU of the page fault. The host operating system provides an identifier associated with the page fault. The host operating system performs page swapping operating in parallel with a new task rescheduled by the virtual CPU, and sends a wake-up signal to the virtual CPU when the page has been brought back into the memory.