VirtIO is a standardized API for accessing virtual devices that a guest OS can use in a Virtual Machine. The drivers are simpler to code and give better performance than emulating real hardware devices.
VirtIO presents itself to a guest OS as an API that allows network, block (disk), console and other devices to be implemented through a simple mechanism of queues of buffers. It is implemented on Linux by qemu and KVM, and is supported by many guest OSes including some non-UNIX ones.
A (slightly outdated) introduction is at IBM developerWorks.