Yes, you can run Server 2016 VM’s on Server 2012 R2 Host. In general Mircrosoft supports the release immediately after the host operating system (i.e. 2012 on 2008 R2, 2012 R2 on 2012 R1,…)
Server 2016 Supported Guest Operating Systems:
Windows Server 2016 is expected to be able to host Windows Server 2019 VM’s but as of today’s date the official line up for Server 2016 hosting VM’s is:
Guest Operating System | Maximum Virtual Cores | Integration Services |
Windows Server 2016 | 240 for generation 2 | Built-in |
Windows Server 2016 | 64 for generation 1 | Built-in |
Windows Server 2012 R2 | 64 | Built-in |
Windows Server 2012 | 64 | Built-in |
Windows Server 2008 R2 with SP1 | 64 | Install all critical Windows updates after you |
Windows Server 2008 with SP2 | 8 | Install all critical Windows updates after you set up the guest operating system. |
Windows 10 | 32 | Built-in |
Windows 8.1 | 32 | Built-in |
Windows 7 with SP1 | 4 | Upgrade the integration services after you set up the guest operating system. |
Server 2012 R2 Supported Guest Operating Systems:
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