A process for lazy checkpointing is enhanced to reduce the number of read/write accesses to the checkpoint file and thereby speed up the checkpointing process. The process for restoring a state of a virtual machine (VM) running in a physical machine from a checkpoint file that is maintained in persistent storage includes the steps of detecting access to a memory page of the virtual machine that has not been read into physical memory of the VM from the checkpoint file, determining a storage block of the checkpoint file to which the accessed memory page maps, writing contents of the storage block in a buffer, and copying contents of a block of memory pages that includes the accessed memory page from the buffer to corresponding locations of the memory pages in the physical memory of the VM. The storage block of the checkpoint file may be compressed or uncompressed.