A system and technique for hybrid virtual machine configuration management includes a processor and executable logic to: assign to a first set of virtual resources associated with a virtual machine a first priority, the first set associated with entitled resources for the virtual machine; assign to a second set of virtual resources associated with the virtual machine a second priority lower than the first priority, wherein the first and seconds sets when combined exceed the entitled resources for the virtual machine; map the first set to a first physical resource of a pool of shared physical resources, the pool of shared physical resources allocatable to the first and second sets, wherein the first physical resource comprises a desired affinity level to a second physical resource allocated to the virtual machine; and preferentially allocate the first physical resource to the first set of virtual resources.