Virtualization allows multiple operating systems to run simultaneously on a single computer through virtual machines. It provides benefits like consolidation, redundancy, segregation, supporting legacy hardware, and migration. Consolidation allows combining several physical servers into one server running multiple virtual environments, saving on costs, space, energy, and reducing environmental impact. Redundancy allows running the same application on multiple virtual servers for continuity if one fails. Segregation provides isolated environments for testing without impacting other applications. Virtualization supports running legacy hardware systems on modern servers. Migration allows moving virtual servers between physical machines.