Virtual memory is a memory management technique that combines paging and segmentation to create an illusion of a large and contiguous logical memory for a process, even if the physical memory is limited and fragmented. Virtual memory uses a two-level mapping scheme, where the logical memory of a process is divided into segments, and each segment is divided into pages. The segments are mapped to the segment table, and the pages are mapped to the page table. Virtual memory also uses a technique called demand paging, where the pages are not loaded into the memory until they are needed by the process. Virtual memory allows for logical organization of memory, efficient use of memory, dynamic growth of segments, and protection and sharing of segments among processes. However, virtual memory also requires a complex hardware and software support, as it involves two levels of mapping, page table management, page replacement algorithms, and disk access. Virtual memory can also cause performance issues, as it can increase the memory access time and cause page faults, which are interruptions that occur when a page is not found in the memory and needs to be fetched from the disk.