In one embodiment, an apparatus for managing hypercalls in a hypervisor having an interrupt handler and a schedule is described. A deferrable low-overhead hypercall (DLH) module is configured to assign a separate DLH queue to each of a plurality of virtual machines when the virtual machine is initialized. Each entry in the separate DLH queue represents a hypercall routine. When one of the virtual machines notifies the interrupt handler of at least a deferrable hypercalls to be executed, the scheduler selects at least a virtual CPU (VCPU) and assigns them to the virtual machine to run on at least a physical CPU (PCPU). The DLH module executes the at least a deferrable hypercall inserted in a DLH queue assigned to the virtual machine before restoring the VCPU context to the virtual machine having the at least an assigned VCPU.