This disclosure discloses an address translation method, apparatus, and system. The method includes: receiving, by a first address translation unit (ATU), an access request sent by a first virtual machine (VM), where the access request carries a first address and parameter information of the first address, and the parameter information of the first address includes an identifier of a target virtual function (VF); determining, by the first ATU, a matching relationship based on the parameter information of the first address and VF range description information in an address mapping table; and when an identifier of a target VF and the VF range description information are successfully matched, translating, by the first ATU, the first address into a second address based on the address mapping table.