In the 80386 microprocessor and later, virtual 8086 mode (also called virtual real mode, V86-mode or VM86) allows the execution of real mode applications that are incapable of running directly in protected mode while the processor is running a protected mode operating system.
VM86 mode uses a segmentation scheme identical to that of real mode (for compatibility reasons) which creates 20-bit linear addresses in the same manner as 20-bit physical addresses are created in real mode, but are subject to protected mode's memory paging mechanism.
Read more about Virtual 8086 Mode: Usage, Memory Addressing, Interrupts, Virtual-8086 Mode Enhancements Identification, 64-bit Support
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