A method, system, and computer usable program product for selective memory donation in a virtual real memory environment are provided in the illustrative embodiments. A virtual machine receives a request for memory donation. A component of the virtual machine determines whether a portion of a memory space being used for file caching exceeds a threshold. The determining forms a threshold determination, and the portion of the memory space being used for file caching forms a file cache. If the threshold determination is false, the component ignores the request. If the threshold determination is true, a component of the virtual machine releases a part of the file cache that exceeds the threshold. The part of the file cache forms a released file cache. In response to the request, the virtual machine makes the released file cache available to a requester of the request.