LibVirt and KVM provide virtualization capabilities on Linux systems. LibVirt uses a standardized API to manage different hypervisors like KVM. KVM allows running virtual machines at native speeds by using hardware virtualization extensions. It provides high density and portability compared to running systems directly on hardware. LibVirt handles tasks like networking, storage, and interfaces through tools like Virsh and Virt-Manager, and advanced topics include security with SELinux, bridged networking, and remote access.