QEMU is quick; it's a hypervisor that allows you to run virtual machines with complete operating systems that operate like any other program on your desktop.
KVM (for Kernel-based Virtual Machine) is a full virtualization solution for Linux on x86 hardware containing virtualization extensions (Intel VT or AMD-V). It consists of a loadable kernel module, kvm.ko, that provides the core virtualization infrastructure and a processor specific module, kvm-intel.ko or kvm-amd.ko.