Systems and methods for tracking transformed memory pages in virtual machine chain migration. An example method may comprise: receiving, by a computer system, a transformed memory block comprising one or more memory pages mapped into an address space of a virtual machine being migrated to the computer system; performing a reverse transformation of at least part of the transformed memory block, to produce a memory page comprised by the transformed memory block; storing, in a memory, the memory page; detecting a modification of the memory page by the virtual machine; and, responsive to determining that a number of modified memory pages associated with the transformed memory block exceeds a threshold value, discarding the transformed memory block.