diff --git a/users/migrations/0012_add_kvm_server.py b/users/migrations/0012_add_kvm_server.py
new file mode 100644
index 0000000..43d0a60
--- /dev/null
+++ b/users/migrations/0012_add_kvm_server.py
@@ -0,0 +1,41 @@
+# Generated by Django 4.2.14 on 2026-01-15 14:49
+
+from django.conf import settings
+from django.db import migrations, models
+import django.db.models.deletion
+
+
+class Migration(migrations.Migration):
+
+    dependencies = [
+        ('users', '0011_add_dns_appkey_to_nhncloudproject'),
+    ]
+
+    operations = [
+        migrations.CreateModel(
+            name='KVMServer',
+            fields=[
+                ('id', models.BigAutoField(auto_created=True, primary_key=True, serialize=False, verbose_name='ID')),
+                ('name', models.CharField(max_length=100, verbose_name='서버 별칭')),
+                ('host', models.CharField(max_length=255, verbose_name='호스트 (IP 또는 도메인)')),
+                ('port', models.IntegerField(default=22, verbose_name='SSH 포트')),
+                ('username', models.CharField(max_length=100, verbose_name='SSH 사용자명')),
+                ('encrypted_private_key_name', models.CharField(blank=True, max_length=100, null=True, verbose_name='SSH 키 이름')),
+                ('encrypted_private_key', models.BinaryField(blank=True, null=True, verbose_name='SSH 개인키 (암호화)')),
+                ('libvirt_uri', models.CharField(blank=True, help_text='예: qemu+ssh://user@host/system', max_length=255, null=True, verbose_name='Libvirt URI')),
+                ('description', models.TextField(blank=True, null=True, verbose_name='설명')),
+                ('tags', models.CharField(blank=True, help_text='쉼표로 구분된 태그 목록', max_length=500, null=True, verbose_name='태그')),
+                ('is_active', models.BooleanField(default=True, verbose_name='활성화 상태')),
+                ('last_used_at', models.DateTimeField(blank=True, null=True, verbose_name='마지막 사용 시각')),
+                ('created_at', models.DateTimeField(auto_now_add=True)),
+                ('updated_at', models.DateTimeField(auto_now=True)),
+                ('user', models.ForeignKey(on_delete=django.db.models.deletion.CASCADE, related_name='kvm_servers', to=settings.AUTH_USER_MODEL, verbose_name='사용자')),
+            ],
+            options={
+                'verbose_name': 'KVM 서버',
+                'verbose_name_plural': 'KVM 서버',
+                'ordering': ['-is_active', '-created_at'],
+                'unique_together': {('user', 'host', 'port')},
+            },
+        ),
+    ]
diff --git a/users/models.py b/users/models.py
index 86604d9..9d97e2a 100644
--- a/users/models.py
+++ b/users/models.py
@@ -198,3 +198,97 @@ class NHNCloudProject(models.Model):
         """자격증명 저장 (비밀번호 암호화)"""
         self.encrypted_password = self.encrypt_password(password)
         self.save()
+
+
+# ============================================
+# KVM 서버 관리 (멀티 서버 지원)
+# ============================================
+
+class KVMServer(models.Model):
+    """
+    사용자별 KVM 서버 관리 (멀티 서버 지원)
+    msa-django-libvirt에서 SSH 접속 정보를 요청할 때 사용
+    """
+    user = models.ForeignKey(
+        CustomUser,
+        on_delete=models.CASCADE,
+        related_name='kvm_servers',
+        verbose_name="사용자"
+    )
+    name = models.CharField(max_length=100, verbose_name="서버 별칭")
+    host = models.CharField(max_length=255, verbose_name="호스트 (IP 또는 도메인)")
+    port = models.IntegerField(default=22, verbose_name="SSH 포트")
+    username = models.CharField(max_length=100, verbose_name="SSH 사용자명")
+    encrypted_private_key_name = models.CharField(
+        max_length=100, blank=True, null=True, verbose_name="SSH 키 이름"
+    )
+    encrypted_private_key = models.BinaryField(
+        blank=True, null=True, verbose_name="SSH 개인키 (암호화)"
+    )
+    libvirt_uri = models.CharField(
+        max_length=255, blank=True, null=True,
+        verbose_name="Libvirt URI",
+        help_text="예: qemu+ssh://user@host/system"
+    )
+    description = models.TextField(blank=True, null=True, verbose_name="설명")
+    tags = models.CharField(
+        max_length=500, blank=True, null=True,
+        verbose_name="태그",
+        help_text="쉼표로 구분된 태그 목록"
+    )
+    is_active = models.BooleanField(default=True, verbose_name="활성화 상태")
+    last_used_at = models.DateTimeField(blank=True, null=True, verbose_name="마지막 사용 시각")
+    created_at = models.DateTimeField(auto_now_add=True)
+    updated_at = models.DateTimeField(auto_now=True)
+
+    class Meta:
+        verbose_name = "KVM 서버"
+        verbose_name_plural = "KVM 서버"
+        unique_together = ['user', 'host', 'port']  # 동일 사용자가 같은 호스트:포트 중복 등록 방지
+        ordering = ['-is_active', '-created_at']
+
+    def __str__(self):
+        return f"{self.name} ({self.host}:{self.port})"
+
+    def get_encryption_key(self) -> bytes:
+        """SECRET_KEY 기반 Fernet 키 생성"""
+        hashed = hashlib.sha256(settings.SECRET_KEY.encode()).digest()
+        return base64.urlsafe_b64encode(hashed[:32])
+
+    def encrypt_private_key(self, private_key: str) -> bytes:
+        """SSH 개인키 암호화"""
+        cipher = Fernet(self.get_encryption_key())
+        return cipher.encrypt(private_key.encode())
+
+    def decrypt_private_key(self) -> str:
+        """SSH 개인키 복호화"""
+        if self.encrypted_private_key:
+            cipher = Fernet(self.get_encryption_key())
+            decrypted = cipher.decrypt(self.encrypted_private_key).decode()
+            self.last_used_at = timezone.now()
+            self.save(update_fields=['last_used_at'])
+            return decrypted
+        return ""
+
+    def save_ssh_key(self, private_key: str, key_name: str = None):
+        """SSH 키 저장 (암호화)"""
+        self.encrypted_private_key = self.encrypt_private_key(private_key)
+        if key_name:
+            self.encrypted_private_key_name = key_name
+        self.save()
+
+    def get_tags_list(self) -> list:
+        """태그 문자열을 리스트로 반환"""
+        if self.tags:
+            return [tag.strip() for tag in self.tags.split(',') if tag.strip()]
+        return []
+
+    def set_tags_list(self, tags_list: list):
+        """태그 리스트를 문자열로 저장"""
+        self.tags = ', '.join(tags_list)
+
+    def get_libvirt_uri(self) -> str:
+        """Libvirt URI 반환 (없으면 기본값 생성)"""
+        if self.libvirt_uri:
+            return self.libvirt_uri
+        return f"qemu+ssh://{self.username}@{self.host}:{self.port}/system"
diff --git a/users/serializers.py b/users/serializers.py
index caf64d7..24f7a38 100644
--- a/users/serializers.py
+++ b/users/serializers.py
@@ -1,5 +1,5 @@
 from rest_framework import serializers
-from .models import CustomUser
+from .models import CustomUser, KVMServer
 from rest_framework_simplejwt.serializers import TokenObtainPairSerializer
 from rest_framework.exceptions import ValidationError
 
@@ -86,3 +86,60 @@ class CustomTokenObtainPairSerializer(TokenObtainPairSerializer):
         data["email"] = user.email
         data["grade"] = user.grade
         return data
+
+
+class KVMServerSerializer(serializers.ModelSerializer):
+    """KVM 서버 시리얼라이저"""
+    tags_list = serializers.ListField(
+        child=serializers.CharField(),
+        required=False,
+        write_only=True
+    )
+    private_key = serializers.CharField(write_only=True, required=False)
+
+    class Meta:
+        model = KVMServer
+        fields = [
+            'id', 'name', 'host', 'port', 'username',
+            'encrypted_private_key_name', 'libvirt_uri',
+            'description', 'tags', 'tags_list', 'is_active',
+            'last_used_at', 'created_at', 'updated_at', 'private_key'
+        ]
+        read_only_fields = ['id', 'last_used_at', 'created_at', 'updated_at']
+        extra_kwargs = {
+            'tags': {'required': False},
+        }
+
+    def to_representation(self, instance):
+        data = super().to_representation(instance)
+        data['has_ssh_key'] = bool(instance.encrypted_private_key)
+        data['tags_list'] = instance.get_tags_list()
+        return data
+
+    def create(self, validated_data):
+        tags_list = validated_data.pop('tags_list', None)
+        private_key = validated_data.pop('private_key', None)
+
+        instance = super().create(validated_data)
+
+        if tags_list is not None:
+            instance.set_tags_list(tags_list)
+        if private_key:
+            instance.save_ssh_key(private_key, validated_data.get('encrypted_private_key_name'))
+        instance.save()
+
+        return instance
+
+    def update(self, instance, validated_data):
+        tags_list = validated_data.pop('tags_list', None)
+        private_key = validated_data.pop('private_key', None)
+
+        instance = super().update(instance, validated_data)
+
+        if tags_list is not None:
+            instance.set_tags_list(tags_list)
+            instance.save()
+        if private_key:
+            instance.save_ssh_key(private_key, validated_data.get('encrypted_private_key_name'))
+
+        return instance
diff --git a/users/urls.py b/users/urls.py
index 2587c33..2052256 100644
--- a/users/urls.py
+++ b/users/urls.py
@@ -7,6 +7,9 @@ from .views import (
     # NHN Cloud 멀티 프로젝트 지원
     NHNCloudProjectListView, NHNCloudProjectDetailView,
     NHNCloudProjectActivateView, NHNCloudProjectPasswordView,
+    # KVM 서버 관리
+    KVMServerListView, KVMServerDetailView,
+    KVMServerActivateView, KVMServerSSHKeyView, KVMServerSSHKeyUploadView,
 )
 from rest_framework_simplejwt.views import TokenObtainPairView, TokenRefreshView, TokenVerifyView
 from .views_jwks import jwks_view # django-jwks
@@ -33,4 +36,10 @@ urlpatterns = [
     path('nhn-cloud/projects/<int:project_id>/', NHNCloudProjectDetailView.as_view(), name='nhn_cloud_project_detail'),
     path('nhn-cloud/projects/<int:project_id>/activate/', NHNCloudProjectActivateView.as_view(), name='nhn_cloud_project_activate'),
     path('nhn-cloud/projects/<int:project_id>/password/', NHNCloudProjectPasswordView.as_view(), name='nhn_cloud_project_password'),
+    # KVM 서버 관리 API (멀티 서버 지원)
+    path('kvm-servers/', KVMServerListView.as_view(), name='kvm_server_list'),
+    path('kvm-servers/<int:server_id>/', KVMServerDetailView.as_view(), name='kvm_server_detail'),
+    path('kvm-servers/<int:server_id>/activate/', KVMServerActivateView.as_view(), name='kvm_server_activate'),
+    path('kvm-servers/<int:server_id>/ssh-key/', KVMServerSSHKeyView.as_view(), name='kvm_server_ssh_key'),
+    path('kvm-servers/<int:server_id>/ssh-key/upload/', KVMServerSSHKeyUploadView.as_view(), name='kvm_server_ssh_key_upload'),
 ]
diff --git a/users/views.py b/users/views.py
index 4f75685..ba5692e 100644
--- a/users/views.py
+++ b/users/views.py
@@ -7,8 +7,8 @@ from rest_framework import status
 from rest_framework.permissions import IsAuthenticated, BasePermission
 from rest_framework_simplejwt.views import TokenObtainPairView
 from rest_framework import generics
-from .serializers import RegisterSerializer, CustomTokenObtainPairSerializer, UserListSerializer
-from .models import CustomUser, NHNCloudProject
+from .serializers import RegisterSerializer, CustomTokenObtainPairSerializer, UserListSerializer, KVMServerSerializer
+from .models import CustomUser, NHNCloudProject, KVMServer
 
 logger = logging.getLogger(__name__)
 tracer = trace.get_tracer(__name__)  # ✅ 트레이서 생성
@@ -740,3 +740,292 @@ class NHNCloudProjectPasswordView(APIView):
                     f"[NHN PROJECT PASSWORD] user={email} | status=fail | reason=exception | IP={ip} | UA={ua}"
                 )
                 return Response({"error": f"복호화 실패: {str(e)}"}, status=500)
+
+
+# ============================================
+# KVM 서버 관리 API (멀티 서버 지원)
+# ============================================
+
+class KVMServerListView(APIView):
+    """KVM 서버 목록 조회 및 추가"""
+    permission_classes = [IsAuthenticated]
+
+    def get(self, request):
+        """서버 목록 조회"""
+        with tracer.start_as_current_span("KVMServerListView GET") as span:
+            email, ip, ua = get_request_info(request)
+            servers = KVMServer.objects.filter(user=request.user)
+
+            logger.debug(f"[KVM SERVER LIST] user={email} | count={servers.count()} | IP={ip} | UA={ua}")
+            span.add_event("KVM servers listed", attributes={"email": email, "count": servers.count()})
+
+            serializer = KVMServerSerializer(servers, many=True)
+            return Response(serializer.data)
+
+    def post(self, request):
+        """서버 추가"""
+        with tracer.start_as_current_span("KVMServerListView POST") as span:
+            email, ip, ua = get_request_info(request)
+
+            # 중복 체크
+            host = request.data.get("host")
+            port = request.data.get("port", 22)
+            if KVMServer.objects.filter(user=request.user, host=host, port=port).exists():
+                logger.warning(
+                    f"[KVM SERVER CREATE] user={email} | status=fail | reason=duplicate | IP={ip} | UA={ua}"
+                )
+                return Response(
+                    {"error": "이미 등록된 서버입니다 (동일한 호스트:포트)."},
+                    status=status.HTTP_400_BAD_REQUEST,
+                )
+
+            serializer = KVMServerSerializer(data=request.data)
+            if serializer.is_valid():
+                server = serializer.save(user=request.user)
+                logger.info(
+                    f"[KVM SERVER CREATE] user={email} | server={server.name} | host={server.host} | IP={ip} | UA={ua}"
+                )
+                span.add_event("KVM server created", attributes={"email": email, "server": server.name})
+                return Response(KVMServerSerializer(server).data, status=status.HTTP_201_CREATED)
+
+            logger.warning(
+                f"[KVM SERVER CREATE] user={email} | status=fail | reason=validation | IP={ip} | UA={ua}"
+            )
+            return Response(serializer.errors, status=status.HTTP_400_BAD_REQUEST)
+
+
+class KVMServerDetailView(APIView):
+    """KVM 서버 상세 (조회/수정/삭제)"""
+    permission_classes = [IsAuthenticated]
+
+    def get_server(self, request, server_id):
+        """서버 조회 (본인 것만)"""
+        try:
+            return KVMServer.objects.get(id=server_id, user=request.user)
+        except KVMServer.DoesNotExist:
+            return None
+
+    def get(self, request, server_id):
+        """서버 상세 조회"""
+        with tracer.start_as_current_span("KVMServerDetailView GET") as span:
+            email, ip, ua = get_request_info(request)
+
+            server = self.get_server(request, server_id)
+            if not server:
+                return Response({"error": "서버를 찾을 수 없습니다."}, status=404)
+
+            span.add_event("KVM server retrieved", attributes={"email": email, "server": server.name})
+            return Response(KVMServerSerializer(server).data)
+
+    def put(self, request, server_id):
+        """서버 수정"""
+        with tracer.start_as_current_span("KVMServerDetailView PUT") as span:
+            email, ip, ua = get_request_info(request)
+
+            server = self.get_server(request, server_id)
+            if not server:
+                logger.warning(
+                    f"[KVM SERVER UPDATE] user={email} | status=fail | reason=not_found | IP={ip} | UA={ua}"
+                )
+                return Response({"error": "서버를 찾을 수 없습니다."}, status=404)
+
+            # 호스트:포트 중복 체크 (자기 자신 제외)
+            host = request.data.get("host", server.host)
+            port = request.data.get("port", server.port)
+            if KVMServer.objects.filter(
+                user=request.user, host=host, port=port
+            ).exclude(id=server_id).exists():
+                return Response(
+                    {"error": "이미 등록된 서버입니다 (동일한 호스트:포트)."},
+                    status=status.HTTP_400_BAD_REQUEST,
+                )
+
+            serializer = KVMServerSerializer(server, data=request.data, partial=True)
+            if serializer.is_valid():
+                server = serializer.save()
+                logger.info(
+                    f"[KVM SERVER UPDATE] user={email} | server={server.name} | IP={ip} | UA={ua}"
+                )
+                span.add_event("KVM server updated", attributes={"email": email, "server": server.name})
+                return Response(KVMServerSerializer(server).data)
+
+            logger.warning(
+                f"[KVM SERVER UPDATE] user={email} | status=fail | reason=validation | IP={ip} | UA={ua}"
+            )
+            return Response(serializer.errors, status=status.HTTP_400_BAD_REQUEST)
+
+    def delete(self, request, server_id):
+        """서버 삭제"""
+        with tracer.start_as_current_span("KVMServerDetailView DELETE") as span:
+            email, ip, ua = get_request_info(request)
+
+            server = self.get_server(request, server_id)
+            if not server:
+                logger.warning(
+                    f"[KVM SERVER DELETE] user={email} | status=fail | reason=not_found | IP={ip} | UA={ua}"
+                )
+                return Response({"error": "서버를 찾을 수 없습니다."}, status=404)
+
+            server_name = server.name
+            server.delete()
+
+            logger.info(
+                f"[KVM SERVER DELETE] user={email} | server={server_name} | IP={ip} | UA={ua}"
+            )
+            span.add_event("KVM server deleted", attributes={"email": email, "server": server_name})
+
+            return Response(status=status.HTTP_204_NO_CONTENT)
+
+
+class KVMServerActivateView(APIView):
+    """KVM 서버 활성화/비활성화"""
+    permission_classes = [IsAuthenticated]
+
+    def patch(self, request, server_id):
+        """서버 활성화 상태 토글"""
+        with tracer.start_as_current_span("KVMServerActivateView PATCH") as span:
+            email, ip, ua = get_request_info(request)
+
+            try:
+                server = KVMServer.objects.get(id=server_id, user=request.user)
+            except KVMServer.DoesNotExist:
+                logger.warning(
+                    f"[KVM SERVER ACTIVATE] user={email} | status=fail | reason=not_found | IP={ip} | UA={ua}"
+                )
+                return Response({"error": "서버를 찾을 수 없습니다."}, status=404)
+
+            # 요청에서 is_active 값 가져오기 (없으면 토글)
+            is_active = request.data.get('is_active')
+            if is_active is None:
+                server.is_active = not server.is_active
+            else:
+                server.is_active = is_active
+
+            server.save(update_fields=['is_active'])
+
+            action = "activated" if server.is_active else "deactivated"
+            logger.info(
+                f"[KVM SERVER ACTIVATE] user={email} | server={server.name} | action={action} | IP={ip} | UA={ua}"
+            )
+            span.add_event(f"KVM server {action}", attributes={"email": email, "server": server.name})
+
+            return Response({
+                "message": f"서버가 {'활성화' if server.is_active else '비활성화'}되었습니다.",
+                "id": server.id,
+                "name": server.name,
+                "is_active": server.is_active,
+            })
+
+
+class KVMServerSSHKeyView(APIView):
+    """KVM 서버 SSH 키 조회 (복호화) - msa-django-libvirt에서 사용"""
+    permission_classes = [IsAuthenticated]
+
+    def get(self, request, server_id):
+        """복호화된 SSH 키와 접속 정보 조회"""
+        with tracer.start_as_current_span("KVMServerSSHKeyView GET") as span:
+            email, ip, ua = get_request_info(request)
+
+            try:
+                server = KVMServer.objects.get(id=server_id, user=request.user)
+            except KVMServer.DoesNotExist:
+                logger.warning(
+                    f"[KVM SERVER SSH KEY] user={email} | status=fail | reason=not_found | IP={ip} | UA={ua}"
+                )
+                return Response({"error": "서버를 찾을 수 없습니다."}, status=404)
+
+            if not server.encrypted_private_key:
+                logger.warning(
+                    f"[KVM SERVER SSH KEY] user={email} | server={server.name} | status=fail | reason=no_key | IP={ip} | UA={ua}"
+                )
+                return Response(
+                    {"error": "SSH 키가 등록되어 있지 않습니다."},
+                    status=404
+                )
+
+            try:
+                decrypted_key = server.decrypt_private_key()
+                logger.info(
+                    f"[KVM SERVER SSH KEY] user={email} | server={server.name} | IP={ip} | UA={ua}"
+                )
+                span.add_event("KVM server SSH key retrieved", attributes={"email": email, "server": server.name})
+
+                return Response({
+                    "id": server.id,
+                    "name": server.name,
+                    "host": server.host,
+                    "port": server.port,
+                    "username": server.username,
+                    "private_key": decrypted_key,
+                    "libvirt_uri": server.get_libvirt_uri(),
+                })
+            except Exception as e:
+                logger.exception(
+                    f"[KVM SERVER SSH KEY] user={email} | server={server.name} | status=fail | reason=exception | IP={ip} | UA={ua}"
+                )
+                return Response({"error": f"복호화 실패: {str(e)}"}, status=500)
+
+
+class KVMServerSSHKeyUploadView(APIView):
+    """KVM 서버 SSH 키 업로드/삭제"""
+    permission_classes = [IsAuthenticated]
+
+    def get_server(self, request, server_id):
+        try:
+            return KVMServer.objects.get(id=server_id, user=request.user)
+        except KVMServer.DoesNotExist:
+            return None
+
+    def post(self, request, server_id):
+        """SSH 키 업로드"""
+        with tracer.start_as_current_span("KVMServerSSHKeyUploadView POST") as span:
+            email, ip, ua = get_request_info(request)
+
+            server = self.get_server(request, server_id)
+            if not server:
+                return Response({"error": "서버를 찾을 수 없습니다."}, status=404)
+
+            private_key = request.data.get("private_key")
+            key_name = request.data.get("key_name")
+
+            if not private_key:
+                logger.warning(
+                    f"[KVM SERVER SSH UPLOAD] user={email} | server={server.name} | status=fail | reason=missing_key | IP={ip} | UA={ua}"
+                )
+                return Response(
+                    {"error": "private_key는 필수입니다."},
+                    status=status.HTTP_400_BAD_REQUEST,
+                )
+
+            try:
+                server.save_ssh_key(private_key, key_name)
+                logger.info(
+                    f"[KVM SERVER SSH UPLOAD] user={email} | server={server.name} | IP={ip} | UA={ua}"
+                )
+                span.add_event("KVM server SSH key uploaded", attributes={"email": email, "server": server.name})
+                return Response({"message": "SSH 키가 저장되었습니다."}, status=201)
+            except Exception as e:
+                logger.exception(
+                    f"[KVM SERVER SSH UPLOAD] user={email} | server={server.name} | status=fail | reason=exception | IP={ip} | UA={ua}"
+                )
+                return Response({"error": f"저장 실패: {str(e)}"}, status=500)
+
+    def delete(self, request, server_id):
+        """SSH 키 삭제"""
+        with tracer.start_as_current_span("KVMServerSSHKeyUploadView DELETE") as span:
+            email, ip, ua = get_request_info(request)
+
+            server = self.get_server(request, server_id)
+            if not server:
+                return Response({"error": "서버를 찾을 수 없습니다."}, status=404)
+
+            server.encrypted_private_key = None
+            server.encrypted_private_key_name = None
+            server.last_used_at = None
+            server.save(update_fields=['encrypted_private_key', 'encrypted_private_key_name', 'last_used_at'])
+
+            logger.info(
+                f"[KVM SERVER SSH DELETE] user={email} | server={server.name} | IP={ip} | UA={ua}"
+            )
+            span.add_event("KVM server SSH key deleted", attributes={"email": email, "server": server.name})
+            return Response({"message": "SSH 키가 삭제되었습니다."})
diff --git a/version b/version
index 9aaae2c..b484bb0 100644
--- a/version
+++ b/version
@@ -1 +1 @@
-v0.0.23
+v0.0.25
\ No newline at end of file