An apparatus and method for dynamic provisioning, quality of service, and prioritization in a graphics processor. For example, one embodiment of an apparatus comprises a graphics processing unit (GPU) comprising a plurality of graphics processing resources; slice configuration hardware logic to logically subdivide the graphics processing resources into a plurality of slices; and slice allocation hardware logic to allocate a designated number of slices to each virtual machine (VM) of a plurality of VMs running in a virtualized execution environment, the slice allocation hardware logic to allocate different numbers of slices to different VMs based on graphics processing requirements and/or priorities of each of the VMs.