A technique for efficient swap space management creates a swap reservation file using thick provisioning to accommodate a maximum amount of memory reclamation from a set of one or more associated virtual machines (VMs). A VM swap file is created for each VM using thin provisioning. When a new block is needed to accommodate page swaps to a given VM swap file, a block is removed from the swap reservation file and a block is added to the VM swap file, thereby maintaining a net zero difference in overall swap storage. The removed block and the added block may be the same storage block if a block move operation is supported by a file system implementing the swap reservation file and VM swap files. The technique also accommodates swap space management of resource pools.