Methods, systems, and computer-readable media for dynamic and application-specific virtualized graphics processing are disclosed. Execution of an application is initiated on a virtual compute instance. The virtual compute instance is implemented using a server. One or more graphics processing unit (GPU) requirements associated with the execution of the application are determined. A physical GPU resource is selected from a pool of available physical GPU resources based at least in part on the one or more GPU requirements. A virtual GPU is attached to the virtual compute instance based at least in part on initiation of the execution of the application. The virtual GPU is implemented using the physical GPU resource selected from the pool and accessible to the server over a network.