Virtio is an I/O virtualization framework for Linux that provides an abstraction layer for virtual devices. It standardizes the interface between paravirtualized guest operating systems and hypervisors to improve efficiency and promote code reuse. Virtio defines front-end drivers for the guest and back-end drivers for the hypervisor to communicate. It uses virtual queues and buffer abstractions to encapsulate data and commands exchanged between the guest and hypervisor. Major hypervisors like KVM and Xen support virtio to virtualize network, block, and other device types in a standardized way.