Cloud computing has revolutionized the way IT resources are provisioned, and at the heart of this transformation are virtual machines (VMs). Cloud virtual machines, often referred to as VMs, have become fundamental building blocks in delivering scalable and flexible computing services to organizations and individuals. This survey paper, titled "Cloud Virtual Machines: State-of-the-Art and Future Directions," offers a comprehensive examination of the current landscape of cloud VM technologies and explores the emerging trends that will shape their future. The paper begins by providing a detailed overview of virtualization technology, delving into hypervisors, containerization, and the orchestration of VMs in cloud environments.