Emerging non-volatile memory (NVM) technologies promise high density,low cost and dynamic random access memory (DRAM)-like performance,at the expense of limited write endurance and high write energy consumption.It is more practical to use NVM combining with the traditional DRAM.However,the hybrid memory management such as page migration becomes more challenging in a virtualization environ-ment because virtual machines (VMs) are unaware of the memory heterogeneity.In this paper,we propose HMvisor,a hypervisor and VM coordinated hybrid memory management mechanism to better utilize DRAM and NVM resources.HMvisor exposes the memory heterogeneity to VMs by mapping virtual NUMA nodes to different physical NUMA nodes.We propose a lightweight and efficient page migration mechanism by decoupling page hotness tracking from page migration.HMvisor performs those operations in the hypervisor and VMs separately,without disrupting the execution of VMs.We also propose a memory resource trading policy to adjust the capacity of DRAM and NVM for each VM,with the monetary cost unchanged.We implement our prototype system based on QEMU/KVM and evaluate it with several benchmarks.Experi-mental results show that HMvisor can reduce 50％ of write traffic to NVM with less than 5％ performance overhead.Moreover,the hybrid memory adjustment scheme in HMvisor can significantly improve application performance by up to 30×.