A virtual memory management apparatus and method to execute virtual machines in a multi-processor and multi-memory environment are provided. The virtual memory management apparatus includes a virtual system memory manager configured to allocate a virtual system memory to a virtual machine. The virtual memory management apparatus further includes a virtual swap device map storage configured to store location information of virtual swap devices that are able to be allocated to the virtual machine. The virtual memory management apparatus further includes a virtual swap device manager configured to allocate a virtual swap device to the virtual machine with reference to a virtual swap device map.