An apparatus and method are described for an efficient multi-GPU virtualization environment. For example, one embodiment of an apparatus comprises: a plurality of graphics processing units (GPUs) to be shared by a plurality of virtual machines (VMs) within a virtualized execution environment; a shared memory to be shared between the plurality of VMs and GPUs executed within the virtualized graphics execution environment; the GPUs to collect performance data related to execution of commands within command buffers submitted by the VMs, the GPUs to store the performance data within the shared memory; and a GPU scheduler and/or driver to schedule subsequent command buffers to the GPUs based on the performance data.