diff --git a/overlay.d/20platform-chrony/usr/lib/systemd/system/coreos-platform-chrony-config.service b/overlay.d/20platform-chrony/usr/lib/systemd/system/coreos-platform-chrony-config.service
index f64f84da58..6a1bce8823 100644
--- a/overlay.d/20platform-chrony/usr/lib/systemd/system/coreos-platform-chrony-config.service
+++ b/overlay.d/20platform-chrony/usr/lib/systemd/system/coreos-platform-chrony-config.service
@@ -4,6 +4,7 @@ ConditionKernelCommandLine=|ignition.platform.id=azurestack
 ConditionKernelCommandLine=|ignition.platform.id=azure
 ConditionKernelCommandLine=|ignition.platform.id=aws
 ConditionKernelCommandLine=|ignition.platform.id=gcp
+ConditionKernelCommandLine=|ignition.platform.id=qemu
 Before=NetworkManager.service
 Before=chronyd.service
 
diff --git a/overlay.d/20platform-chrony/usr/libexec/coreos-platform-chrony-config b/overlay.d/20platform-chrony/usr/libexec/coreos-platform-chrony-config
index 41e6c0b951..b91f880bac 100755
--- a/overlay.d/20platform-chrony/usr/libexec/coreos-platform-chrony-config
+++ b/overlay.d/20platform-chrony/usr/libexec/coreos-platform-chrony-config
@@ -23,9 +23,6 @@ if ! cmp {/usr,}/etc/sysconfig/chronyd >/dev/null; then
     exit 0
 fi
 
-mkdir -p /run/coreos
-confpath=/run/coreos/platform-chrony.conf
-altenvfilepath=/run/coreos/sysconfig-chrony
 cmdline=( $(</proc/cmdline) )
 cmdline_arg() {
     local name="$1" value
@@ -38,6 +35,15 @@ cmdline_arg() {
 }
 platform=$(cmdline_arg ignition.platform.id)
 
+# Exit early if the ptp_kvm module can't be loaded for the qemu platform
+if [[ ${platform} == "qemu" ]]; then
+    modprobe -q ptp_kvm || exit 0
+fi
+
+mkdir -p /run/coreos
+confpath=/run/coreos/platform-chrony.conf
+altenvfilepath=/run/coreos/sysconfig-chrony
+
 # If not set already (by host customization or this script), set
 # PEERNTP=no so that DHCP-provided NTP servers are not added to chrony.
 # By doing this we assume the better NTP server choice is the
@@ -45,12 +51,17 @@ platform=$(cmdline_arg ignition.platform.id)
 # TODO: once https://bugzilla.redhat.com/show_bug.cgi?id=1828434 is
 # resolved, this won't be required.
 if [ ! -e /etc/sysconfig/network ] || ! grep -q "PEERNTP" /etc/sysconfig/network; then
-    cat <<EOF >> /etc/sysconfig/network
+    # Historically on QEMU, we haven't been disabling PEERNTP. Let's keep doing
+    # that even if we have ptp_kvm. chrony will just use the NTP servers as
+    # additional sources.
+    if [[ ${platform} != "qemu" ]]; then
+        cat <<EOF >> /etc/sysconfig/network
 # PEERNTP=no is automatically added by default when a platform-provided time
 # source is available, but this behavior may be overridden through an Ignition
 # config specifying PEERNTP=yes. See https://github.com/coreos/fedora-coreos-config/pull/412.
 PEERNTP=no
 EOF
+    fi
 fi
 
 (echo "# Generated by $self - do not edit directly"
@@ -81,6 +92,11 @@ case "${platform}" in
          echo '# and https://cloud.google.com/compute/docs/images/configuring-imported-images'
          echo 'server metadata.google.internal prefer iburst'
         ) >> "${confpath}" ;;
+    qemu)
+        sed -i s,'^#pool,pool,' "${confpath}"
+        (echo '# KVM virtual PHC'
+         echo 'refclock PHC /dev/ptp0 poll 2'
+        ) >> "${confpath}" ;;
     *) echo "should not be reached" 1>&2; exit 1 ;;
 esac
 # Policy doesn't allow chronyd to read run_t
diff --git a/tests/kola/ntp/chrony/coreos-platform-chrony-generator b/tests/kola/ntp/chrony/coreos-platform-chrony-generator
index 7460509dc1..04ad465a73 100755
--- a/tests/kola/ntp/chrony/coreos-platform-chrony-generator
+++ b/tests/kola/ntp/chrony/coreos-platform-chrony-generator
@@ -1,7 +1,7 @@
 #!/bin/bash
 ## kola:
 ##   exclusive: false
-##   platforms: "aws azure gce"
+##   platforms: "aws azure gce qemu"
 #
 # Test the coreos-platform-chrony generator.
 
@@ -14,5 +14,11 @@ case "${platform}" in
     aws) chronyc sources |grep '169.254.169.123'; echo "ok chrony aws" ;;
     azure) chronyc sources |grep 'PHC'; echo "ok chrony azure" ;;
     gcp) chronyc sources | grep '169.254.169.254'; echo "ok chrony gcp" ;;
+    qemu)
+        # ptp_kvm isn't available on all arches nor all hosts, so don't assume it's always there; see
+        # https://github.com/coreos/fedora-coreos-config/pull/2263#discussion_r1157694192
+        if lsmod | grep -q ptp_kvm; then
+            chronyc sources | grep 'PHC0'; echo "ok chrony qemu"
+        fi ;;
     *) echo "unhandled platform ${platform} ?"; exit 1 ;;
 esac