Example methods and systems for a network management entity to perform adaptive packet flow monitoring. One example method may comprise receiving a request to monitor a packet flow between a first virtualized computing instance supported by a first host and a second virtualized computing instance supported by a second host. The method may also comprise activating a first set of checkpoints by instructing the first host and/or the second host to monitor the packet flow using the first set of checkpoints. The method may further comprise: in response to detecting a predetermined event based on first performance metric information associated with the packet flow, activating a second set of checkpoints by instructing the first host and/or the second host to monitor the packet flow using the second set of checkpoints.