Virtualization technology has been applied in IA-32 based server or desktop systems. Recently it has been applied in ARM based mobile systems. Virtualization technology provides many useful features that are not possible in operating system level such as isolation, interposition, encapsulation and portability. In this research, we implement an ARM based VMM(Virtual Machine Monitor) by using the following techniques. First, we use "emulation" to virtualize the processor. Second, we use "shadow page tables" to virtualize the memory. Finally, we use a simple "pass-through I/O" to virtualize the device. Currently the VMM runs ARM Linux kernel 3.4.4 on a BeagleBoard-xM, and we evaluated the performance of the VMM using lmbench and dhrystone. The result of the evaluation shows that our VMM is slower than Xen on ARM that is implemented using paravirtualization but has good performance among the VMMs using full-virtualization.