Described herein is a system (102) having a virtualization and switching system configured to virtualize I/O devices (108) and perform switching of the I/O devices (108) and I/O requests. The virtualization and switching system (102) includes a peripheral virtualization controller (PVC) (204), at least one device control module (206) connected to the PVC (204), and at least one command parser (210). The PVC (204) is configured to manage I/O virtualization and I/O command access of different I/O devices (108). The device control module (206) is configured to store configuration and I/O device registers, implemented by the PVC (204) to enable virtualization of I/O devices (108). The device control module (206) also implements the I/O command and switching logic to perform graceful handling of the I/O commands and virtualized I/O devices between multiple host processors (104).