From Fedora Project Wiki

No third party repositories needed.

INSTALLATION

Fedora 21:

sudo yum install virt-manager qemu-kvm qemu-img libvirt-daemon libvirt-daemon-driver* 

Fedora 22:

sudo dnf install virt-manager qemu-kvm qemu-img libvirt-daemon libvirt-daemon-driver* 

SERVICE PREPARATION

sudo systemctl start libvirtd

CREATE YOUR VIRTUAL NETWORK (OPTIONAL)

  1. Open virt-manager by typing it into the Gnome Search Bar, or finding it under 'System' in the KDE applications menu. You may be asked for your root password.
  2. Go to Edit - Connection Details.
  3. Click on the Virtual Networks tab and then click the + sign at the lower left corner of the current window.
  4. For Network Name, your only limit is your imagination. Then, click Forward.
  5. Make sure Enable IPv4... and Enable DHCPv4 are both checked. You do not need to enable Static Route Definition.
  6. Network: 192.168.100.0/24 (example)
  7. Start: 192.168.100.128 (example)
  8. End: 192.168.100.254 (example)
  9. Click Forward twice (bypassing the IPV6 address space, unless you plan on deploying more than 4.3 billion VMs on your host).
  10. Select Forwarding to physical network and leave the Destination and Mode settings default.
  11. Click Finish.
  12. At this point, you should be able to use your new Virtual interface (most likely named vibr0) as the network for your VMs.

RUNNING A FEDORA 20 VIRTUAL MACHINE (EXAMPLE)

  1. Download the Fedora 20 Net Installation ISO.
  2. Open virt-manager by typing it into the Gnome Search Bar, or finding it under 'System' in the KDE applications menu. You may be asked for your root password.
  3. Go to File - New Virtual Machine, or click on the Computer Monitor Icon, located below the File menu.
  4. Choose the ISO install method and browse to the Fedora 20 NetInst ISO.
  5. Continue through the rest of the steps using your preference for V-CPU, RAM and Disk Space.
  6. After clicking Finish on step 5 of 5, your Virtual Machine will open a Viewer where you can proceed with the OS installation.

ENJOY!