Advantages :

VM supports Swapping.

Common data or code may be shared to save memory.

Process need not be in memory as a whole.

No need for complicated overlay techniques.

Process may even be larger than all of physical memory.

Data / code can be read from disk as needed.

Code can be placed anywhere in physical memory without relocation.

More processes can be maintained in Main Memory which increases effective use of CPU.

Programs can be compiled with their own address space.
– No need for compiler to generate addresses that are unique from addresses for other programs
– Don’t need to break program into fragments to accommodate memory limitations

Disadvantages :

Memory requirements.

Longer memory access times.
This can be improved using TLB