The ubiquitous computing and its applications at different levels of abstraction are possible mainly by virtualization. Most of its applications are becoming pervasive with each passing day and with the growing trend of embedding computational and networking capabilities in everyday objects of use by a common man. Virtualization provides many opportunities for research in IoT since most of the IoT applications are resource constrained. Therefore, there is a need for an approach that shall manage the resources of the IoT ecosystem. Virtualization is one such approach that can play an important role in maximizing resource utilization and managing the resources of IoT applications. This paper presents a survey of Virtualization and the Internet of Things. The paper also discusses the role of virtualization in IoT resource management.