z/VM is the current version in IBM's VM family of virtual machine operating systems. First released in October 2000, z/VM remains in active use and development. It is directly based on technology and concepts dating back to the 1960s, particularly IBM's CP/CMS on the IBM System/360-67 (see article History of CP/CMS for historical details). z/VM runs on IBM's IBM Z family of computers and can support large numbers (thousands) of Linux virtual machines. (See Linux on IBM Z.) On 16 September 2022, IBM released z/VM Version 7.3 which requires z/Architecture, implemented in IBM's EC12, BC12 and later models.

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