Smart paging is an advanced version of memory paging in Windows Server 2012 Hyper-V.
Smart paging allows a virtual machine (VM) to temporarily use hard disk space to supplement shortages of non-volatile memory. Smart paging is only used during VM restarts when there is no available physical memory.
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VMs often require more memory during startups. Smart paging reduces the need to over-provision solid state memory while preventing the VM from crashing due to lack of memory. Because hard disk I/O speed is slower than solid-state memory however, smart paging will stop once the VM is up and running.
Smart paging is not used when memory is oversubscribed or when the VM fails over in a Hyper-V cluster. It is also not used if a VM is started from an off state, as opposed to being restarted.