A method, information processing system, and computer program product manage virtual machine migration. A virtual machine is selected from a set of virtual machines. Each physical machine in a plurality of physical machines is analyzed with respect to a first set of migration constraints associated with the virtual machine that has been selected. A set of physical machines in the plurality of physical machines that satisfy the first set of migration constraints is identified. A migration impact factor is determined for each physical machine in the set of physical machines that has been identified based on a second set of migration constraints associated with the virtual machine that has been selected. A physical machine is selected from the set of physical machines with at least a lowest migration impact factor on which to migrate the virtual machine that has been selected in response to determining the migration impact factor.